Exclusion from NSE on demerger of non-IT biz, says Wipro
(Reuters)* Shares in Wipro Ltd fall 2.5 percent a day after it was announced the Indian software services exporter would be excluded from the National Stock Exchange's 50-stock index , or Nifty, from April 1.
* "A corporate action like our demerger of a listed company would generally result in a short term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated," Wipro said in a statement.
* Wipro said in November it would fold all of its non-IT businesses into a new company and focus exclusively on information technology.
* Wipro also said it expects restoration of the stock into the NSE index upon completion of the split in the next few months.
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