Wipro Gets Whiplashed by DisclosureNandini Lakshman
For a time on Monday, Jan. 12, outsourcing giant Wipro Technologies (WIT) looked like it might fall victim to the domino theory. Early in the day, Bangalore-based Wipro put out a statement saying it had been banned from doing work for the World Bank for four years, a penalty that the World Bank attributed to "providing improper benefits to bank staff." Investors, fearing Wipro could be the next Satyam Computer Services (SAY), quickly sent the company's stock tumbling by 9% in Mumbai trading.
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