Shares of technology solutions provider Mphasis Ltd. fell as much as 5% on Monday, June 2, after Mint reported that it has lost one of its oldest clients, FedEx.
According to the report, FedEx accounted for 8% of Mphasis' overall revenue and the logistics solutions provider will be ending its agreement with Mphasis by the end of this year.
FedEx has selected Accenture Plc for majority of its IT work, according to the report.
FedEx is the third-largest client for Mphasis after banking giant JPMorgan Chase & Co. and brokerage firm Charles Schwab Corp, according to the report.
Mphasis has not responded to Mint's questionnaire on the FedEx account, and CNBC-TV18 has not independently verified the authenticity of the news report.
As of the March quarter, Mphasis reported a 2.6% surge in its quarterly growth in revenue in US Dollar terms in constant currency basis. The growth was led by the BFS and TMT verticals.
The company's total deal wins at the end of the quarter stood at $390 million, which was the highest in seven quarters. The management maintained that the deal pipeline for them continues to remain robust.
Shares of Mphasis are trading 3.5% lower on Monday at ₹2,469. The stock has remained flat in the last one month and is down 14% so far in 2025.
According to the report, FedEx accounted for 8% of Mphasis' overall revenue and the logistics solutions provider will be ending its agreement with Mphasis by the end of this year.
FedEx has selected Accenture Plc for majority of its IT work, according to the report.
FedEx is the third-largest client for Mphasis after banking giant JPMorgan Chase & Co. and brokerage firm Charles Schwab Corp, according to the report.
Mphasis has not responded to Mint's questionnaire on the FedEx account, and CNBC-TV18 has not independently verified the authenticity of the news report.
As of the March quarter, Mphasis reported a 2.6% surge in its quarterly growth in revenue in US Dollar terms in constant currency basis. The growth was led by the BFS and TMT verticals.
The company's total deal wins at the end of the quarter stood at $390 million, which was the highest in seven quarters. The management maintained that the deal pipeline for them continues to remain robust.
Shares of Mphasis are trading 3.5% lower on Monday at ₹2,469. The stock has remained flat in the last one month and is down 14% so far in 2025.
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