After a weak opening, the stock further plunged 6.87 per cent to Rs 560 on BSE.
At NSE, it tanked 6.92 per cent to Rs 559.60.
The bluechip was the top loser among the frontline scrips on both Sensex and Nifty during the morning trade.
"Wipro's March quarter results have missed expectations both on growth and margins," Emkay Global Financial Services said in a report.
Wipro, India's third-largest IT firm, yesterday reported 1.6 per cent drop in March quarter profit to Rs 2,235 crore due to pressure on margins even as it aims to double revenue to USD 15 billion by 2020, while its board approved a Rs 2,500-crore share buyback plan.
More From This Section
IT services, which account for a lion's share of its turnover, saw margins drop by 10 basis points to 20.1 per cent as compared to October-December quarter and by two percentage points on year-on-year basis and were also impacted by weakness in its financial and healthcare services business.
The company board also approved a share buyback for Rs 2,500 crore. Wipro will buy up to 4 crore shares, representing 1.62 per cent of the total paid-up capital, at Rs 625 apiece.
It closed 2015-16 fiscal with about USD 7.7 billion in annual revenues. During January-March quarter, Wipro's revenue rose 12.9 per cent to Rs 13,741.7 crore.
Kotak Securities Senior Vice-President and Head of Private Client Group Research Dipen Shah said the revenues matched up with expectations but margins were below our expectations.
"Client-specific challenges in BFSI impacted growth while energy vertical continued to witness headwinds. The revenue guidance for Q1 indicates marginal growth on an organic basis, which is disappointing," he added.