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Wipro Technologies slumps after projecting weak forecast

By Reuters | Updated: 22 April 2013 11:38 IST
Wipro Technologies slumps after projecting weak forecast
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Shares in Wipro Ltd, India's third-largest software services provider, fell as much as 11.25 percent on Monday after it gave weaker-than-expected quarterly sales forecast on Friday.

Wipro joined No. 2 player Infosys Ltd in delivering tepid revenue outlook, citing a delay in the closure of deals.

Wipro also reported a 16.7 percent rise in quarterly profit to 17.29 billion rupees on Friday.

Shares were down 9.4 percent as of 10:20 a.m.

© Thomson Reuters 2013

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Further reading: Infosys, Wipro
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