Wipro shares tank nearly 9% after earnings announcement

Shares of IT major Wipro Ltdtumbled nearly 9% in morning trade on Monday after the company gave a flat sequential growth guidance.

The stock tanked 8.79% to Rs 508.25 on the BSE. At the NSE, it tumbled 8.79% to Rs 508.20 apiece.

The stock emerged as the biggest laggard among the NSE Nifty firms. Wipro on Friday posted a 4.6% year-on-year rise in consolidated net profit for the June quarter at Rs 3,003.2 crore.

The Q1 FY25 revenue of the Bengaluru-headquartered firm, however, fell 3.8% to Rs 21,963.8 crore.

The company said it expects revenue from the IT Services business segment to be in the range of $2,600 million to $2,652 million, in the September quarter. "This translates to sequential guidance of (-) 1.0% to +1.0% in constant currency terms," it said.