Wipro shares nosedived over 9 pc after missed earnings expectations
Shares of IT major Wipro nosedived on Monday by nearly 9.3 per cent over missed expectations in its April-June quarter results and a weak guidance for the next quarter.
IT service major Wipro Limited on Friday announced the appointment of financial services professional Deepak M Satwalekar to its Board of Directors for five years effective July 1, subject to the approval of the shareholders.
He will serve as an Independent Director on the board and will bring a wealth of experience to Wipro having spent over four decades in the financial services industry and as an advisor and Board member of companies from diverse industries, the Bengaluru-headquartered company said in a statement.
Satwalekar has been the Managing Director of HDFC Ltd and subsequently the Managing Director and CEO of HDFC Standard Life Insurance Co. Ltd.
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He has also been a consultant to the World Bank, the Asian Development Bank, the United States Agency for International Development (USAID) and the United Nations Human Settlements Programme (UN-HABITAT), the statement said.
Rishad Premji, Chairman, Wipro Limited said: With his deep repository of knowledge spanning across the financial services sector, sharp business acumen, understanding of technology and as a strong votary of the highest standards of corporate governance, his invaluable experience will immensely benefit Wipro.
Satwalekar is a recipient of the Distinguished Alumnus Award from the Indian Institute of Technology (IIT), Bombay and currently the Chairman, Board of Governors of the Indian Institute of Management, Indore, it said.
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