Wipro falls as June-quarter profit lags estimates

MUMBAI (Reuters) - Shares in Wipro Ltd India's third-biggest IT services exporter, plunged as much as 8.12 percent in early trading after the IT outsourcer's April-June quarter earnings missed estimates.

Wipro posted a 29.6 percent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients.

For the quarter ended June 30, consolidated net profit was 21.03 billion rupees, compared with 16.23 billion rupees in the year-ago quarter.

Analysts were expecting the company to earn 21.24 billion rupees, according to Thomson Reuters estimates.

Wipro shares were down nearly 6 percent to 543.50 rupees as of 9:33 a.m.

 

(Reporting by Indulal PM; Editing by Sunil Nair)