Wipro shares tank nearly 7%; worst performer on Sensex, Nifty
Apr 21 2014 , Mumbai
Wipro's stock ended 6.65 per cent lower at Rs 546.60 on the BSE. During the day, the scrip tanked 7.63 per cent to Rs 544.
At the NSE, the country's third-largest software services exporter settled at Rs 545, down 6.97 per cent.
The stock was the top loser on both Sensex and Nifty.
Following the dip in the stock, the company's market value declined by Rs 9,599 crore to Rs 1,34,816 crore.
"While the Q4 FY'14 numbers came in well ahead of expectations, the revenue growth outlook for the next year disappointed. Wipro may face some bit of selling pressure post results in the near term," Angel Broking said in a report.
Wipro on Thursday reported a 28.8 per cent jump in net profit for the fourth quarter, helped by a revival in Europe, robust growth in the US and a cost optimisation drive.
Wipro, which expects a strong deal pipeline in the first quarter of this financial year, projected IT services revenue of $ 1.715-1.755 billion in the three months ending June 30.