(Bloomberg) — Shares of Wipro Ltd. slipped the most intraday in six months after its quarterly profit missed estimates, with some analysts saying they want to see more evidence of business recovery under the new leadership.
The software exporter posted July-September net income of 24.7 billion rupees on Tuesday, down 3.1% on-year and below an estimate of 25.2 billion rupees in a Bloomberg survey. The company also said it will spend as much as 95 billion rupees ($1.3 billion) buying back its shares at 400 rupees each.
Wipro’s stock slumped as much as 6.9% and was the worst performer on the benchmark NSE Nifty 50 Index on Wednesday. Investec, Antique Stock Broking and Spark Capital Advisors were among brokers that downgraded the stock.
“We await further evidence of execution of Wipro’s refreshed strategy and a successful turnaround from its growth struggles over the last decade before turning more