Stock prices of MphasiS have declined by a massive 28.4% on Friday trading on the Bombay Stock Exchange (BSE). MphasiS is one of the leading IT and BPO company of the country from Hewlett-Packard. The stocks have plummeted by 178.1 points and were closed at Rs 448 on the exchange. The main reason of this decline is the poor financial results of the company in the previous quarter.

During the three months from November to January, the net profit of the firm has terribly hampered. There has been a sharp decline in the net profit and sales of the firm in this quarter under review.

The company has suffered a decline of 15.5 per cent in its net profit in the quarter that ended in the month of January this year.

The net profit of MphasiS recorded a net profit of Rs 226.7 crore in this quarter. For the similar quarter in the previous year it was recorded Rs 268.3 crore.

The shares of the company has plunged 28.8% on the National Stock Exchange as well. It was closed at Rs 445 on the NSE.