Disappointments from Wipro and Infosys fronts have made investors wary of Satyam Computer as well.
This prompted the scrip of the Hyderabad-based software major to plunge 8.36 per cent to Rs 144.20 at close today on the BSE. In the late afternoon trades the scrip fell by 9.06 percent to Rs 143.10.
A total 63.28 lakh shares changed hands today. As per market rumours, Morgan Stanley and CL Securities have been persistently selling on the Satyam counter today.
Also Read
According to analysts, it is the uncertainty due to the dismal results and guidances from sector leaders Infosys Technologies and Wipro that has caused the selling.
The concern is that the company will also disappoint when it releases its numbers next week.
For the fourth quarter, analysts expects Satyam Computer to register a rise in net profit by 1.5-6.8 per cent to Rs 117-123 crore on a 15-20 per cent increase in net sales to Rs 527-549 crore.
For the third quarter ended December 31, 2002, the company disappointed the market by coming out with numbers even below its own guidance.
It posted a 2.2 per cent fall in net profit to Rs 116.73 crore from Rs 119.43 crore in the corresponding period of the previous year.
Sales rose by 19.8 per cent to Rs 522.26 crore from Rs 435.77 crore. On a sequential basis, the company posted a 5 per cent rise in sales.
However, profit after tax (after extraordinary items) slipped by 1 per cent sequentially as margins were under pressure.