MphasiS falls 4% on disappointing HP outlook

Software services provider MphasiS  fell as much as 4.4 percent in early trade Thursday after tech giant Hewlett-Packard (HP) cut its guidance for the year 2013.

Shares of HP, which contributed around 50% to MphasiS' June quarter revenues, plunged 13 percent yesterday after Chief Executive Meg Whitman warned of an unexpectedly steep earnings slide in 2013, with revenue set to fall in every business division except software.

At 10:48 hours IST, the share was trading at Rs 406.20, down 3.49%. 
 
The share was away by 7.5 percent from its 52-week high of Rs 439 that touched on February 29, 2012.