Mumbai: Shares of Wipro Ltd on Wednesday tanked more than 8 percent in morning trade on the bourses after the company reported a 28 percent growth in its consolidated net profit for the quarter ended September 30.
The India's third largest IT exporter announced its second quarter results after market hours yesterday.
Wipro posted a net profit from continuing operations at Rs 1,932.1 crore for the second quarter against Rs 1,510.5 crore in the year-ago period.
The stock, however, discounted the second quarter numbers and fell 8.41 percent on the BSE to Rs 471.55.
On the National Stock Exchange as well, the stock opened weak and slumped 6.33 percent to Rs 482.20.
Market experts said the decline in the counter was largely because the company's second quarter revenue in terms of dollars lagged behind its peer group companies.
Meanwhile, the broader market was also trading in the negative territory with the 30-share benchmark index Sensex was trading at 20,736.49 points, down 128.48 points in morning trade.
In dollar terms, Wipro's net profit stood at USD 309 million in the second quarter this fiscal, while consolidated revenues were at USD 1.76 billion during the quarter.
IT services revenue rose 20 percent to Rs 10,068 crore in the second quarter. In dollar terms, IT revenues rose 5.9 percent year-on-year (Y-o-Y) to USD 1.63 billion, whereas, sequential growth stood at 2.7 percent.
