October 22, 2018 / 4:37 AM / 7 months ago

BUZZ-India's Persistent Systems sinks; Q2 results disappoint

** Software services maker Persistent Systems Ltd’s shares plunge as much as 16.5 pct to 552 rupees, lowest since July 2014

** Stock posts biggest daily pct loss since Feb 2

** Q2 profit rose marginally to 881 mln rupees ($12.02 mln), co said on Sunday

** Mix shift to offshore, project closures in qtr and lumpiness of IBM reseller revenues led to weak performance, revenue was flat in USD terms

** Morgan Stanley analysts say weak execution and disappointing revenue growth were key negatives in the qtr, partially offset by better margin performance

** More than 733,926 shares traded as of 0432 GMT, 3.3 times their 30-day avg of 231,879

** Up to Friday’s close, stock had fallen nearly eight pct so far this year ($1 = 73.2650 Indian rupees)

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