Disappointing Q2 nos drag Patni shares on bourses

MUMBAI: Shares of IT firm iGate Patni today fell by over 3 per cent on the bourses after the company reported decline in its net income for the second quarter ended June 30, 2011.

Following the disappointing set of numbers, the stock which made a weak opening in the early trade settled 3.24 per cent lower at Rs 322.15 on the BSE. In intra-day, the scrip hit a 52-week low of Rs 306, down 8.09 per cent from its previous close.

iGate Patni reported a decline of nearly 93 per cent in net income to Rs 10.8 crore for the second quarter ended June 30, 2011, primarily on account of foreign exchange losses.

The company had posted a net income of Rs 147 crore for the April-June quarter of 2010.

On the National Stock Exchange, the scrip ended at Rs 320.75, down 3.68 per cent from its last closing price.

The company reported a foreign exchange loss of Rs 31.17 crore for the second quarter of the current year. The company had registered a loss of Rs 19.76 crore in the same quarter of the previous year.

In May 2011, iGate Corporation acquired an 82.4 per cent stake in Patni Computers.

Decline in the stock was in contrast with the rise in the BSE 30-share Sensex, which finished the day with a gain of 148.99 points at 18,871.29.