Indian Stocks Drop, Pare Weekly Gain, Led by Wipro, Sterlite
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India’s stocks fell, paring a weekly gain, after mixed quarterly earnings reports weakened confidence in the nation’s economic recovery.
Wipro Ltd., the nation’s third-largest software exporter, tumbled the most in almost nine months after net income fell short of expectations. Sterlite Industries (India) Ltd., the biggest copper producer, dropped to a three-week low amid speculation it will lower sales guidance when results are released on Oct. 26, according to Shah Investor’s Home Ltd.’s analyst Abhishek Jain. Tata Consultancy Services Ltd. rose to a record as its 32 percent profit growth outpaced rivals.