Wipro down 7% on World Bank ban, Nortel bankruptcy
The Wipro stock was down by almost 7% to Rs 228.20 intra-day on Thursday. While sentiment for the stock had taken a hit post the World Bank ban, Nortel's chapter 11 bankruptcy is a further dampener.
By Jessica Mehroin Irani, ET Bureau |
MUMBAI: The Wipro stock was down by almost 7% to Rs 228.20 intra-day on Thursday. While sentiment for the stock had taken a hit post the World Bank ban, Nortel's chapter 11 bankruptcy is a further dampener. The Wipro ADR was down by 7% at $7.78 on Wednesday evening.
���The overall market is down by 4%, Wipro is down essentially because of the Nortel development as they have some exposure to them,��� Prabhudas Lilladher research head Apurva Shah told ET.
Wipro is a significant player in the box-maker space. They had acquired 3D Networks about two years back which was largely dependent on Nortel. Nearly all of its revenues came from the telecommunications equipment manufacturer which is head-quartered in Canada.
Currently, almost 14% of Wipro's over-all revenues come in from the telecom vertical. And Wipro has almost $25 million in revenues from Nortel on a yearly basis.
���The overall market is down by 4%, Wipro is down essentially because of the Nortel development as they have some exposure to them,��� Prabhudas Lilladher research head Apurva Shah told ET.
Wipro is a significant player in the box-maker space. They had acquired 3D Networks about two years back which was largely dependent on Nortel. Nearly all of its revenues came from the telecommunications equipment manufacturer which is head-quartered in Canada.
Currently, almost 14% of Wipro's over-all revenues come in from the telecom vertical. And Wipro has almost $25 million in revenues from Nortel on a yearly basis.
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