Wipro's Window May Be Closing

HONG KONG -- They could well be kicking themselves in the boardroom of Wipro Ltd., once India's most valuable company and still one of its three most important technology firms. In line with huge falls in other Indian tech stocks, as well as shares around the world, highly profitable Wipro has seen its shares tumble around 50% from their high earlier this year.

For all of its successes, Wipro probably has missed its best chance to raise the currency it and other Indian companies will need to stay globally competitive: stock listed on a globally accepted exchange such as the Nasdaq.

So far, Wipro is remaining coy about when it might decide to list. "We have not decided on timing -- we've just taken approval from the board to be listed with either an ADR or GDR," said Renee Jhala, head of Wipro corporate communications in Bangalore. ...