NEW DELHI: It seems the good days for are not coming soon. The stock continued its slide for the third day after announcing it will be allotting shares to the government at one-seventh of the prevailing price. This punctured the ongoing rally in its numbers that had lifted it 31 times in the last year. On Friday, the stock tanked another 5 per cent. The stock has fallen 14 per cent in the last three sessions.
dives 10%
The week for Wipro investors was a forgettable one. The counter tanked 10 per cent in the last five sessions compounded by the fact that its December quarter numbers were far from impressive. The result was weakest among the TCS, Infosys and Wipro trio, who published their earnings midweek.
The fall comes after heavy buying in IT names. Analysts said buying happened anticipating estimate-beating numbers. “The reaction to strong results from frontline IT names appears to point to heavy pre-positioning in the market, and might be a recurring theme for the ongoing results season – in that good results are priced in and fresh catalysts may be needed to push the ongoing rally further,” said S Hariharan, Head- Sales Trading, Emkay Global Financial Services.
FDA warning for Auro
Shares of also had a bad day. The stock fell 3 per cent after the US Food and Drugs Administration (USFDA) shot off a letter to the company warning for Unit I, an API manufacturing facility of the company in Hyderabad.
This action follows the recent inspection of the Unit in August 2021, the company said. The company believes that this will not impact the existing business from this facility.
“The company will be engaging with the regulator and is fully committed to resolving this issue at the earliest. The company is also committed to maintaining the highest quality manufacturing standards at all of its facilities across the globe,” Aurobindo Pharma said.
However, these assurances fell on deaf ears on Dalal Street.
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