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Oracle Financial shares track parent company's slump

by FP Staff  Mar 23, 2013 05:15 IST

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Reuters Market Eye - Shares in Oracle Financial Services Software Ltd (ORCL.NS) fall 2.7 percent, tracking a slump in parent company Oracle Corp (ORCL.O) on Thursday after the U.S. software maker's Q3 revenue fell far short of expectations.

Oracle Corp blamed its rapidly expanding salesforce for a severe miss in third-quarter software sales and warned that its ailing hardware business will lose more ground this quarter, driving its shares 8 percent lower on Wednesday.

It was Oracle Corp shares' biggest percentage drop since December 2011.

Oracle Corp owns 80.3 percent in Oracle Financial Services via a subsidiary.

(Reporting by Abhishek Vishnoi)

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