India's No. 3 software services exporter Wipro replaced the chiefs of its key outsourcing business and reported third-quarter profit growth that lagged its main rivals, sending its shares down 4% on Friday.
Wipro, which posted a 10 percent rise in third quarter net profit on Friday, had been struggling to keep up with its bigger competitors, Tata Consultancy and Infosys. Wipro shares were down 3.5 percent at Rs 460.90 in morning trade, after falling as much as 4.2 percent -- their biggest fall in more than two months.
Tata Consultancy dipped 0.4 percent and Infosys fell nearly 1 percent in a main Mumbai market down 0.2 percent.
Wipro is led by Chairman Azim Premji , the world's 24th richest billionaire according to Forbes and termed "India's Bill Gates" by the magazine.
Premji took over his father's ailing vegetable oil business in the mid-1960s leaving his degree in engineering at Stanford unfinished. He diversified into making hydraulic cylinders in the 1970s and struck out into information technology in 1980
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