Wipro shares slump on first trading session after split
Posted on: 10:00 AM IST Apr 09, 2013
Mumbai: Shares in Wipro Ltd, India's No.3 software services provider, fell as much as 11.3 per cent on Tuesday, which marked the first trading session as a standalone IT stock after splitting its other businesses into a separate unit.
Wipro's split-off announced in November 2012 legally took effect on March 31, but has not been reflected in shares until Tuesday, meaning the company's shares no longer take into account the contributions from these non-IT businesses.
Wipro's shares were down 8.4 per cent as of 9:30 am on Tuesday.