Wipro shares down nearly 3 pct on bourses

PTI Posted online: Tuesday, Apr 22, 2014 at 0000 hrs
Mumbai : Shares of IT company Wipro fell for the second day today dropping by nearly 3 per cent on concerns over the company's revenue guidance that came in below market estimates.

The stock ended 2.80 per cent lower at Rs 531.30 on the BSE. During the day, it lost 3.61 per cent to Rs 526.85.

At the NSE, the IT major's stock declined 2.65 per cent to end the trade at Rs 531.70.

In the previous session, Wipro had lost nearly 7 per cent.

"While the Q4 FY'14 numbers came in well ahead of expectations, the revenue growth outlook for the next year disappointed. Wipro may face some bit of selling pressure post results in the near term," Angel Broking said in a report.

Wipro on Thursday reported a 28.8 per cent jump in net profit for the fourth quarter, helped by a revival in Europe, robust growth in the US and a cost optimisation drive.

Wipro, which expects a strong deal pipeline in the first quarter of this financial year, projected IT services revenue of USD 1.715-1.755 billion in the three months ending June 30.