Wipro shares slump 5% after results

Shares in India's No.3 software services provider Wipro fell as much as 5 per cent, 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.


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