Shares of IT firm MphasiS lost over 14% in early trade on the Bombay Stock Exchange today after the company posted a 28% decline in consolidated net profit for the quarter ended July 31 at Rs 194 crore.

The scrip opened on a weak note on the BSE at Rs 394.95, then dropped to a low of Rs 338.75, down 14.40% from its previous closing price.

Similar movement was witnessed on the National Stock Exchange, where the stock declined to a low of Rs 371.30, down 6.32% from its previous closing price, after opening at Rs 395.

Marketmen said the decline in the stock was a knee-jerk reaction to its poor numbers for the quarter ended July 31 and overall weakness in the broader market.

The stock, however, made a partial recovery later and was trading at Rs 377.35 on the BSE, down 4.65%, and at Rs 377 on the NSE, down 4.88%, at 10:04 am.

On the volume front, over 1.72 lakh shares of MphasiS exchanged hands on the BSE and more than 5.18 lakh shares were traded on the NSE by 10:04 am.

Revenues of the company rose to Rs 1,293 crore during the quarter under review from Rs 1,279 crore in the same period a year ago.

On a standalone basis, the company reported a net profit of Rs 217.69 crore, down 9.57% vis-a-vis the same period last year. During the quarter, the company added 27 new clients.