Wipro says NSE exclusion temporary as shares fall

Source : REUTERS
Last Updated: Thu, Feb 14, 2013 05:17 hrs
Chairman of Wipro Ltd Premji speaks during a news conference in the southern Indian city of Bangalore

Shares in Wipro Ltd fall 2.5 percent a day after it was announced the Indian software services exporter would be excluded from the Nifty from April 1.

"A corporate action like our demerger of a listed company would generally result in a short term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated," Wipro said in a statement.

Wipro said in November it would fold all of its non-IT businesses into a new company and focus exclusively on information technology.

Wipro also said it expects restoration of the stock into the Nifty upon completion of the split in the next few months.

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