Home Business Wipro shares fall 6% after posting low quarterly profit

Wipro shares fall 6% after posting low quarterly profit

Wipro shares fall due to fall in quarterly profits

New Delhi:

Wipro shares fell over 6 per cent on Thursday after the IT services major reported a decline in profit for the September quarter.

In morning trade, the stock closed 6.18 per cent lower at Rs 382.55 on BSE and 6.20 per cent lower at Rs 382.60 on NSE.

In both markets, the company’s shares touched their respective 52-week lows in early trade. It touched an intra-day low of Rs 381.50 on BSE and Rs 381.30 on NSE.

Wipro on Wednesday reported a 9.3 per cent decline in net profit at Rs 2,659 crore for the September quarter. It was Rs 2,930.6 crore in the same period a year ago.

However, on a sequential basis, profit grew by 3.72 per cent in the quarter under review as against Rs 2,563.6 crore in the previous June quarter.

Amid overall weak investor sentiment, the 30-share benchmark Sensex was trading at 57,182.28 points, down over 443 points in morning trade.

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