Shares of IT firm Mphasis fell 3% on November 17 as CNBC-TV18 reported that Blackstone is looking to trim stake in the company soon through block deal.

Deal size is likely to be large, investor appetite being gauged, sources told the channel.

Blackstone held 40.1% stake in Mphasis at end of September. The stake is held under entity named as ‘BCP TOPCO IX PTE LTD'.

On November 17, Mphasis shares closed 3% lower at Rs 2,682 apiece. The 52-week low of the stock is Rs 2,044 and 52-week high is Rs 3,238. The market capitalisation of the stock is nearly Rs 51,000 crore.

Last month, the IT solutions provider reported a 11% increase in consolidated net profit to Rs 469 crore for the July-September quarter.

The company had reported a net profit (attributable to equity owners of the company) of Rs 423.3 crore in the year-ago period, according to regulatory filings.

The Bengaluru-headquartered company's revenue from operations rose 10.34% to Rs 3,901.91 crore in Q2 FY26, as against Rs 3,536.14 crore in Q2 FY25.

Seen sequentially, profit and revenue rose by 6.18% and 4.53%, respectively.

Our early, focused investments in AI have positioned Mphasis as a strategic partner for clients navigating their transformation journey. Another strong quarter of total contract value (TCV) wins of $528 million is a testimony to our AI first approach delivering business outcomes, across diverse industries, said Nitin Rakesh, Chief Executive Officer and Managing Director, Mphasis. As much as 87% of the deal wins were in new-gen services, the company said.