Thursday, Apr 18, 2024 | Last Update : 05:05 PM IST
Wipro stock tanks 7 per cent on poor results
Shares of IT major Wipro tumbled seven per cent on Thursday, wiping off Rs 10,414 crore from its market valuation, after the company’s March quarter earnings missed the street expectations.
Shares of IT major Wipro tumbled seven per cent on Thursday, wiping off Rs 10,414 crore from its market valuation, after the company’s March quarter earnings missed the street expectations.
The stock of the country’s third-largest IT firm slumped seven per cent to settle at Rs 559.20 on BSE. During the day, it dipped 7.44 per cent to Rs 556.55. On NSE, the scrip tanked seven per cent to close at Rs 558.85.
Consequently, the company’s market valuation declined by Rs 10,413.71 crore, to Rs 1,38,162.29 crore. The stock was the top loser among the frontlines on both the Sensex and the Nifty. On the volume front, 8.47 lakh shares of the company changed hands at BSE and over 58 lakh shares were traded at NSE during the day.
“Wipro’s March quarter results have missed expectations both on growth and margins,” Emkay Global Financial Services said in a report.
On Wednesday, Wipro posted 1.6 per cent dip in Q4 profit to Rs 2,235 crore due to pressure on margins even as it aims to double revenue to $15 billion by 2020, while its board approved a Rs 2,500-crore share buyback plan.
