Shares of Wipro today ended with nearly 2 per cent decline, wiping-out Rs 1,785 crore from its market valuation, after the company posted a 5.8 per cent drop in consolidated net profit for the quarter ended December.
The stock settled at Rs 466.10, down 1.55 per cent on BSE. During the day, it lost 1.92 per cent to Rs 464.35.
On NSE, it dipped 1.72 per cent to settle at Rs 465.55.
The company's market valuation declined by Rs 1,785.58 crore to Rs 1,13,303.42 crore.
On the volume front, 5.58 lakh shares of the company were traded on BSE and over 19 lakh shares changed hands on NSE during the day.
"Wipro posted results below expectations", said Sarabjit Kour Nangra, VP Research IT, Angel Broking.
Stock markets were closed yesterday being a public holiday due to Republic Day.
Country's third largest software services firm Wipro on Wednesday had posted a 5.8 per cent drop in its consolidated net profit to Rs 2,114.8 crore for the quarter ended December 31, 2016.
The company's net profit in the year-ago had stood at Rs 2,246 crore.
The Bengaluru-based firm, however, saw revenues rising 6.2 per cent to Rs 13,764.5 crore in the said quarter from Rs 12,951.6 crore in the same period a year ago, according to a filing on BSE. The result is as per Indian Accounting Standards.
For the quarter ending March 2017, Wipro expects revenues from IT services business to be in the range of USD 1,922-1,941 million.
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