WNS (Holdings) Limited's shares have plummeted more than 18% this Friday morning following an announcement by the company. They revealed that one of their major clients is planning to terminate their contract starting from July 1, 2024.
Specifically, the client, being one of their top five contributors to their yearly income in fiscal 2024 and operating within the HCLS SBU, submitted a termination notice on January 31, 2024. This client's contribution to the company’s revenue was substantial; accounting for 4.1%, 6.5%, and 7.3%, as well as 4.3%, 6.8%, and 7.9% of total revenue, minus repair payments for fiscal 2024, 2023 and 2022, respectively. WNS disclosed all these details in a filing with the Securities and Exchange Commission (SEC).
Currently, the market price for WNS's shares has fallen to $58.89. Over the past year, its stock prices have fluctuated between $51.84 and $94.96.
