Stocks

Wipro shares tank 8.5% as Q1 earnings lag estimates

PTI Mumbai | Updated on July 25, 2014

Shares of IT services major Wipro plunged as much as 8.5 per cent in morning trade today after the company’s June quarter earnings missed expectations.

Wipro’s scrip tumbled 8.46 per cent to Rs 528 on the BSE. On the NSE, it tanked 8.12 per cent to Rs 530.

The stock was the top loser among the blue-chips on both Sensex and Nifty during the morning trade.

“Wipro’s June’14 quarter results missed the ‘already modest’ expectations,” said Manik Taneja, Research Analyst at Emkay Global Financial Services.

Wipro had yesterday reported 29.5 per cent growth in consolidated net profit for April-June period, helped by large deals in application and infrastructure space as well as return of discretionary spending in the North American market.

The stock recovered a bit in afternoon trade to trade at Rs 548.05, still down 4.98 per cent on the BSE.

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Published on July 25, 2014
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