Wipro shares plummeted nearly 9% on Monday after the IT major announced flat sequential growth guidance for the upcoming quarter. The company reported a 4.6% YoY rise in net profit but saw a revenue decline.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jul 22 (PTI) Shares of IT major Wipro tumbled nearly 9 per cent in morning trade on Monday after the company gave a flat sequential growth guidance.
The stock tanked 8.79 per cent to Rs 508.25 on the BSE.
At the NSE, it tumbled 8.79 per cent to Rs 508.20 apiece.
The stock emerged as the biggest laggard among the NSE Nifty firms.
Wipro on Friday posted a 4.6 per cent year-on-year rise in consolidated net profit for the June quarter at Rs 3,003.2 crore.
The Q1 FY25 revenue of the Bengaluru-headquartered firm, however, fell 3.8 per cent to Rs 21,963.8 crore.
The company said it expects revenue from the IT Services business segment to be in the range of USD 2,600 million to USD 2,652 million, in the September quarter.
"This translates to sequential guidance of (-) 1.0 per cent to +1.0 per cent in constant currency terms," it said.
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