India's NIIT Tech slumps after earnings halve

Jul 16 2014, 14:16 IST
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Shares in India's NIIT Technologies Ltd slump more than 7 percent on Wednesday. (Reuters) Shares in India's NIIT Technologies Ltd slump more than 7 percent on Wednesday. (Reuters)
SummaryUS geography had a setback when two clients in the BFSI segment scaled down their business impacting overall growth in the region: NIIT Technologies

Shares in India's NIIT Technologies Ltd slump more than 7 percent on Wednesday, adding to Tuesday's 11.8 percent fall after company's April-June profit halved to 448.2 million rupees ($7.46 million) due to spending cuts at two major U.S.-based clients.

"US geography had a setback when two clients in the BFSI (Banking, financial services and insurance) segment scaled down their business impacting overall growth in the region," the company said in statement on Tuesday.

($1 = 60.1200 Indian Rupees)

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