New Delhi: Wipro's stock dropped around 9 pc in early trading on Monday due to the company's announcement of a stagnant sequential growth forecast.
The stock dropped by 8.79 percent to reach Rs 508.25 on the BSE. It dropped by 8.79 percent to Rs 508.20 each at the NSE.
The stock was identified as the top underperformer within the companies listed on the NSE Nifty.
On Friday, Wipro announced a 4.6 percent increase in consolidated net profit to Rs 3,003.2 crore for the June quarter compared to the previous year. The Bengaluru-based company saw a 3.8 per cent decrease in revenue in the first quarter of FY25, dropping to Rs 21,963.8 crore.
The company anticipates revenue from the IT Services business segment to fall between USD 2,600 million and USD 2,652 million in the September quarter. According to the statement, this equates to a consecutive direction of (-) 1.0 percent to +1.0 percent in terms of constant currency.
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