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
- Alabama man claims penis was amputated by mistake
- Russian military likely reluctant participants in Ukraine-US general
- UPDATE 2-U.S. says Russia firing artillery over border at Ukraine military
- India blocks WTO deal on customs rules as deadline nears
- UPDATE 4-Liberian man in Lagos being tested for Ebola
India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically. Full Article