Wipro shares fall over 8%

Shares of Wipro today slumped more than 7 per cent,wiping out Rs 7,932 crore from its market value,following a muted revenue guidance for the first quarter of 2012-13.

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After plummeting by over 8 per cent during the day,its shares finally ended at Rs 410.15 on the BSE,down 7.29 per cent. On the National Stock Exchange,it closed down by 6.99 per cent at Rs 411.10.

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The scrip was the worst performer among the blue-chips on both BSE and NSE. On volume front,10.19 lakh shares of the company changed hands on the BSE,while more than 60 lakh shares were traded on the NSE.

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“Wipro shares saw selling pressure on muted guidance for Q1 FY13. The company said its IT services revenues would be around USD 1.52-1.55 billion for April-June quarter,which is just 0.6 per cent higher than Q4 FY’12,” Sharmila Joshi Head Equity Fairwealth Securities said. Ashika Stock Brokers Research Head Paras Bothra said:

“The numbers were not too great and on top of it the company forecast muted revenue growth was below street expectations and this led to heavy selling in the stock.”

Wipro reported 7.7 per cent increase in consolidated net profit at Rs 1,480.9 crore for the fourth quarter,2011-12.

The company had posted a net profit of Rs 1,375.4 crore during the January-March quarter in 2010-11.

It said during the ongoing quarter (Q1,2012-13),it expects revenues from IT services business to be in the range of USD 1,520 million to USD 1,550 million,assuming that exchange rates of the dollar will be at Rs 50.07. Other frontline IT stocks such as TCS,Tech Mahindra,HCL Tech fell in the range of 0.5-1.9 per cent. In the broader market,the BSE benchmark Sensex ended at 17,151.29,down 56 points.