Wipro's shares decline 3 pc post Q2 earnings

New Delhi: Shares of IT services company Wipro on Thursday declined 3 per cent after the firm's September quarter earnings failed to meet market expectations. The stock slipped 2.99 per cent to settle at Rs 395.20 on the BSE. During the day, it fell 4.24 per cent to Rs 390.10 apiece. On the NSE, it declined 3 per cent, closing at Rs 395.05 apiece.

The company's market valuation decreased Rs 6,367.77 crore to Rs 2,06,368.37 crore. The stock was the biggest laggard among the BSE Sensex and NSE Nifty companies during the trading session. In traded volume terms, 4.22 lakh shares of the company were traded on the BSE and over 1.28 crore shares on the NSE during the day. Wipro's quarterly earnings report was released after market hours on Wednesday.

The IT services company reported an almost flat consolidated net profit of Rs 2,667.3 crore for the September quarter, trailing street expectations, and projected an up to 3.5 per cent fall in revenue in the current quarter on a weak global economic outlook and an uncertain business environment. The company had posted a profit after tax of Rs 2,649.1 crore a year ago. "Wipro reported broadly weak financial performance for the quarter. Both revenue growth and EBIT margin were below expectations," according to a report by YES Securities.