Disappointing Q2 drags Patni shares on bourses

Shares of IT firm iGate Patni today fell by over 3% on the bourses after the company reported decline in its net income for the second quarter ended June 30, 2011.

Following the disappointing set of numbers, the stock which made a weak opening in the early trade settled 3.24% lower at Rs 322.15 on the BSE. In intra-day, the scrip hit a 52-week low of Rs 306, down 8.09% from its previous close.

iGate Patni reported a decline of nearly 93% in net income to Rs 10.8 crore for the second quarter ended June 30, 2011, primarily on account of foreign exchange losses.

The company had posted a net income of Rs 147 crore for the April-June quarter of 2010.

On the National Stock Exchange, the scrip ended at Rs 320.75, down 3.68% from its last closing price.

The company reported a foreign exchange loss of Rs 31.17 crore for the second quarter of the current year. The company had registered a loss of Rs 19.76 crore in the same quarter of the previous year.

In May 2011, iGate Corporation acquired an 82.4% stake in Patni Computers.

Decline in the stock was in contrast with the rise in the BSE 30-share Sensex, which finished the day with a gain of 148.99 points at 18,871.29.