Wipro plunges 10% as investors disappointed with numbers

Stocks

oi-Sunil

By Sunil Fernandes

Updated: Monday, April 22, 2013, 9:51 [IST]

Shares in Wipro plunged in trade today as investors remained largely disappointed with the company's poor set of Q4 numbers.

The stock was last trading at Rs 337 on the National Stock Exchange, after hitting a high of Rs 463 earlier this month.

Wipro has reported revenues and net profits marginally below expectations for Q4 2013. While net profits were placed at Rs 1729 crores, the total revenues for Q4FY 2013 has come in at Rs 11,026 crores. Wipro's Q4 PAT at Rs 1729 crores; guidance disappoints

Wipro, like Infosys is struggling to gain momentum as far as revenues is concerned. India's third largest software company expects revenues from its IT Services business to be in the range of $1,575 million to $1,610 million for the first quarter of 2014. This is not a very encouraging number and growth is likely to be muted going forward.

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