Shares of India’s third-largest software services firm Wipro fell by as much as 3.9 per cent in morning trade on Friday after the company posted a muted Q1 earnings.
Wipro shares fell as much s 3.9 per cent, heading towards biggest single-day loss since April 22.
At 10.45 am on Friday, Wipro shares were down 3.14 per cent. On NSE, stock were down 3.07 per cent.
Wipro on Thursday reported a 3.7% sequential decline in its consolidated net profit to Rs 2,187.7 crore on higher finance cost and lower other income. Revenue from IT services grew 3% quarter-on-quarter to Rs 11,577 crore and dollar revenue increased 1.1% to $1.79 billion. Consolidated revenues stood at Rs 12,238 crore, showing a year-on-year rise of 10%.
Analysts said that Wipro will struggle to be core portfolio bet, stock not attractive in light of modest run-up in price.
With Reuters inputs