Trimming its early losses, the Wipro stock ended almost 2 per cent lower today after the company reported over 6 per cent fall in net profit for the first quarter ended June.
Besides, it forecast that the company's IT services sales will grow at less than 1 per cent during the July-September quarter of the current fiscal.
After plunging 6.98 per cent to Rs 511 in intra-day trade on BSE, shares of the company finally ended at Rs 538.60, down 1.97 per cent.
On NSE, the stock went down by 1.89 per cent to settle at Rs 538.85.
The company's market valuation fell by Rs 2,666.61 crore to Rs 1,33,073.39 crore.
In terms of volume, 6.67 lakh shares of the company changed hands at BSE and over 95 lakh shares were traded on NSE during the day.
The stock was the worst performer among the bluechips on both Sensex and Nifty during the trade.
"For the first quarter of 2016-17 the company posted results below expectations on the net profit front," said Sarabjit Kour Nangra, VP Research IT, Angel Broking.
The company, which announced the disappointing set of numbers after markets hours yesterday, expects revenue from IT services to be USD 1,931-1,950 million for the September quarter, that is flat to 1 per cent sequential growth.
IT services revenues, which account for a dominant chunk of Wipro's business, grew 2.6 per cent sequentially to about USD 1,931 million for the June quarter, meeting the guidance of USD 1,901-1,939 million.
For the quarter ended June 2016, net profit stood at Rs 2,052 crore as against Rs 2,192 crore in the year-ago period. Its total income from operations rose almost 11 per cent to Rs 13,697.6 crore from Rs 12,370.6 crore in the previous year. Its IT services segment had a headcount of 1.73 lakh. Revenue from IT products stood at Rs 590 crore.
