Mphasis reported a miss in revenue, which fell 3.5% QoQ in cc terms, -3.4% QoQ / -8.4% YoY. The revenue decline was due to weakness in banking and capital markets (BCM, -8.8% QoQ, -14.8% YoY). BCM ex-mortgage was down 8.7% QoQ given delayed decision-making across large banks and weakness in regional banks.