Wipro shares fall as much as 5 percent after results
REUTERS - Shares in India's No.3 software services provider Wipro Ltd (WIPR.NS) fell as much as 5 percent, with traders saying the performance of the company's core IT services segment was not as strong as expected.
Earlier on Friday, Wipro posted an 18 percent gain in third-quarter net profit, with its IT business revenue rising 2.4 percent from the September quarter to $1.577 billion and meeting its own guidance of 1.2 to 3.5 percent.
However, IT business volumes, or the billable hours, fell 1 percent from the previous quarter, according to company data.
At 9:40 a.m., Wipro was down 4.2 percent to 417.50 rupees. Ahead of the results, the shares had risen about 9 percent so far this year.
(Reporting by Abhishek Vishnoi and Harichandan Arakali; Editing by Ryan Woo)
- Tweet this
- Share this
- Digg this
- UPDATE 11-Total CEO de Margerie killed in Moscow as jet hits snow plough
- Indiana police charge suspect who may have killed for decades
- Pistorius starts five-year term for killing Reeva Steenkamp
- India warns Pakistan of more pain in Kashmir fighting
- Total CEO de Margerie killed in Moscow as jet hits snow plough
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article