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Weak F'cast: Wipro Slumps 8%

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Shares in Wipro Ltd, India's third-largest software services provider, were down more than 8 per cent on Monday, 22 April 2013 after it gave weaker-than-expected quarterly sales forecast on Friday.

Wipro joined No. 2 player Infosys Ltd in delivering tepid revenue outlook, citing a delay in the closure of deals.

Wipro, whose customers include Apple Inc, projected fiscal first-quarter revenue for its IT services business in a range of $1.58 billion to $1.61 billion - a decline of 0.6 per cent to a rise of 1.6 per cent over the previous quarter. Analysts had expected a rise of 1 to 4 per cent.

Wipro also reported a 16.7 per cent rise in quarterly profit to Rs 1,729 croer on Friday, 19 April 2013.

Shares were down 8.62 per cent as of 1:50 p.m.