Wipro shares fell as much as 2.5 per cent as the company had on Monday said that one of its telecom clients in India has filed for bankruptcy and it would impact its profit for the March quarter and year ended March 31, 2018.
“On February 28, 2018, the client filed a petition to initiate its Corporate Insolvency Resolution Process (CIRP) with the National Company Law Tribunal (NCLT),” Wipro said in a BSE filing. However, it did not name the client.
On February 28, Aircel had filed for bankruptcy. Wipro said it has subsequently submitted its claim on March 28, 2018 and since then has been engaged with the Insolvency Resolution Professional to discuss the potential outcome of the process.
Wipro said it is likely to see an impact on profi…
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