India's NIIT Tech slumps after earnings halve

Written by Reuters | Updated: Jul 16 2014, 19:46pm hrs
NIIT TechnologiesShares 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, 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)