IT major Wipro today followed in the footsteps of peer TCS, and said it expects the recent deluge in Chennai to have a material impact on its third-quarter earnings.
The company on Wednesday, post market hours, announced that its first quarter earnings may be hit on account of client-specific issue, cross currency impact and longer transition deadlines for some of its complex projects in infrastructure management services (IMS).
Mukul Garg, IT analyst, Societe Generale says the revenue warning is a one-off client issue and investors should still buy the stock on dips today.