Confirming its forecast of muted revenue growth in the June quarter, IT major Wipro told analysts Monday that the company was witnessing a slowdown in deal closures in the current quarter. Near term pressures are likely to continue and June quarter will be weak, the management said.
Shares in Wipro, India's third biggest software services exporter, fell the most on the Nifty index Tuesday. The stock traded 2 per cent lower at Rs 392.30 on the NSE, while the Nifty index was down 0.17 per cent at 5,046.
The company also told analysts that pricing pressure was visible in the banking, financial services and insurance (BFSI) verticals. The BFSI vertical is the biggest source of revenue for most Indian IT firms. There is no certainty on when growth will turn to normalised levels, Wipro added.
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