Wipro Ends 12% Down On Weightage Slash

Azim Premji-promoted Wipro Ltd yesterday ended 12 per cent lower at Rs 2,081.25 on the Bombay Stock Exchange following a massive slash in its weightage in the MSCI index.

The 30-scrip BSE sensex closed 41.79 points lower at 4192.44 in directionless trading, with Hindustan Petroleum ending the day 12 per cent higher at Rs 139.95.

Besides the slash in Wipro's weightage from 100 per cent of market capitalisation to a bare 30 per cent, MSCI has expressed reservations on the company's low- floating stock. According to MSCI, Wipro has only 15 per cent stock in the market, with promoter Premji holding as much as 75 per cent.

With MSCI adding 14 stocks to its index_of which five are from the infotech industry, two in communication and one in entertainment_almost all the ICE stocks ended the day with substantial gains.

HFCL closed almost at the upper end of the circuit filter at Rs 755, while Global Telesystems ended the day at Rs 982.35, up 9.76 per cent. New entrant Zee Telefilms, with a entry point weightage of 60 per cent, closed at Rs 518.25, up 3.44 per cent.

In infotech stocks, Silverline Technologies, DSQ Software, Aptech and Digital Equipment, all ended the day with small gains, but Hughes Software closed 1.27 per cent lower at Rs 2826.95.

In pharma stocks, Pfizer gained almost 4.23 per cent to close at Rs 861.50 while Sun Pharma was up a small 1.23 per cent at Rs 410.

The brick and mortar casualties include Arvind Mills Ltd, Bombay Dyeing, Essar Steel Ltd, Indian Rayon & Industries Ltd, National Organic Chemicals, Reliance Petroleum, Sesa Goa, Southern Petrochemical Industries, Thermax and United Phosporus.