India's Wipro shares down 8.12 pct at pre-open as profit lags estimates

MUMBAI, July 25 Thu Jul 24, 2014 11:46pm EDT

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MUMBAI, July 25 (Reuters) - Shares in Wipro Ltd India's third-biggest IT services exporter, plunged 8.12 percent at the pre-open after the IT outsourcer's April-June quarter earnings missed estimates.

Wipro posted a 29.6 percent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients.

For the quarter ended June 30, consolidated net profit was 21.03 billion rupees, compared with 16.23 billion rupees in the year-ago quarter.

Analysts were expecting the company to earn 21.24 billion rupees, according to Thomson Reuters estimates. (Reporting by Indulal PM; Editing by Sunil Nair)

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