Shares of Indian IT services company Mphasis fell sharply following reports that it lost FedEx, its third-largest client. The stock dropped as much as 5% on June 2, 2025, amid concerns over the potential business impact from the alleged termination of the deal with FedEx. However, Mphasis issued a clarification stating that it continues to be a service provider within the FedEx ecosystem and dismissed other aspects of the reports as speculative. Following the clarification, Mphasis shares regained some focus but remained under market scrutiny.