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)
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