Wipro says Nifty exclusion temporary as shares fall
Reuters Market Eye - Shares in Wipro Ltd(WIPR.NS) fall 2.5 percent a day after it was announced the Indian software services exporter would be excluded from the Nifty from April 1.
"A corporate action like our demerger of a listed company would generally result in a short term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated," Wipro said in a statement.
Wipro said in November it would fold all of its non-IT businesses into a new company and focus exclusively on information technology.
Wipro also said it expects restoration of the stock into the Nifty upon completion of the split in the next few months.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- Jet Airways chairman says looking to restructure debts, talking to bankers
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- U.N.'s Pillay says Israel may be committing war crimes
- Nifty hits record high on foreign buying, higher Asian stocks
- Ukraine says pro-Russia rebels shoot down two fighter jets
The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank on continued foreign-investor buying, while higher Asian shares also helped sentiment. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article
Supreme Court could allow Sahara boss to conduct asset sale talks, company says. Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article