Shares of IT major Wipro today slumped 6 per cent, wiping-out Rs 8,591 crore from its market valuation, after its March quarter earnings failed to enthuse investors.
After falling 6.4 per cent to Rs 541.75 at the BSE in intra-day trade, the stock finally ended at Rs 544, down 6.01 per cent.
On the NSE, it fell by 5.81 per cent to settle at Rs 544.55.
Following the decline in the stock, the company's market valuation fell by Rs 8,591.17 crore to Rs 1,34,316.83 crore.
The stock was the biggest loser among the Sensex and Nifty scrips.
"Wipro posted a net profit of Rs 2,286 crore, however the stock cracked on the street owing to under-expected rise in PAT (profit after tax)," Bonanza Portfolio Ltd Senior Vice President Rakesh Goyal said.
The country's third-largest software services firm posted a net profit of Rs 2,286.5 crore in January-March 2015 quarter, 2.1 per cent higher than Rs 2,239.1 crore a year ago.
Revenues from IT services business increased six per cent year-on-year to Rs 11,240 crore (up 3.2 per cent to USD 1.77 billion) in the reported quarter.
"While Q3 FY'15 had seen strong performance, Q4 FY'15 disappointed owing to weakness in the energy vertical," Edelweiss Financial Services said in a report.
Other IT stocks also closed in the red with Infosys falling by 0.28 per cent, HCL Tech by 0.79 per cent and Hexaware Technologies by 2.70 per cent.
The BSE IT index ended at 10,861.19, down 0.67 per cent.
The benchmark BSE Sensex settled 214.09 points higher at 27,890.13.
