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Wipro shares lose more than 6 per cent

Agency News

Wipro share price has lost more than 6 percent on Thursday after the IT company reported its financial earnings for the quarter ended March 31. Wipro bore the brunt of the coronavirus (COVID-19) pandemic at various levels.

On the BSE, the Wipro stock declined by as much as Rs 11.25 (6.03 per cent) to trade at Rs 175.30 at the weakest level in the first half of the day, compared with its close of Rs 186.55 the previous day. However, Wipro shares recovered most of those losses in late morning deals. At 11:11 am, Wipro shares traded at Rs 186.10 apiece on the bourse - down 0.24 per cent from the previous close - in line with the benchmark S&P BSE Sensex index which was down 0.20 per cent.

The IT Company reported a fall of more than 5 per cent in net profit to Rs 2,326 crore for the January-March period post-market hours on Wednesday.

Revenue from the IT services segment declined 1.0 per cent quarter-on-quarter to $2,073.7 million in the first quarter of financial year 2019-20 The IT services operating margin was at 17.6 per cent, down 80 basis points compared to the previous quarter.

Wipro said its IT services revenue were "negatively impacted by COVID-19 by approximately $14 -$16 million (0.7-0.8 per cent of revenue)".