MphasiS has dipped over 13% to Rs 317 after the management reduced the revenue outlook from Hewlett-Packard (Non Enterprise Services) to around $55-66 million for FY13.

“Management initial outlook of around $90-100 million in FY13 has been pared down to around $50-60 million within two quarters, and see further downside risks to the same," analyst at Emkay Research said in recent report.

“Direct business which has done well in the recent past is most likely to be impacted adversely by global uncertainty," added the report.

“Net of rupee appreciation, HP business revenues declined by 2.8% on quarter-on-quarter basis primarily on account of ramp down in some projects in April 2012 quarter," MphasiS said in a statement.

HP, which owns more than 60% of MphasiS, accounted for about 58% of the company’s revenue in the February-April quarter, compared with 72% when the two started doing business together more than three years ago.

The stock opened at Rs 365 and hit a high of Rs 374 on the National Stock Exchange. As many as a combined 1.27 million shares have changed hands on the counter in morning trades, against an average less than 200,000 shares that were traded daily in past two weeks on both the exchanges.