Wipro shares tank over 9% after earnings; market valuation erodes by Rs 27,024 cr

New Delhi: Shares of IT major Wipro tumbled over 9 per cent on Monday after the company gave a flat sequential growth guidance.

The stock dropped 9.28 per cent to settle at Rs 505.55 apiece on the BSE. During the day, it plummeted 9.95 per cent to Rs 501.80.

On the NSE, it tumbled 9.30 per cent to Rs 505.35 per piece.

The stock emerged as the biggest laggard among the NSE Nifty firms.

The company's market valuation eroded by Rs 27,024.26 crore to Rs 2,64,426.64 crore.

Wipro on Friday posted a 4.6 per cent 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 per cent to Rs 21,963.8 crore.

The company said it expects revenue from the IT Services business segment to be in the range of USD 2,600 million to USD 2,652 million in the September quarter.

"This translates to sequential guidance of (-) 1.0 per cent to +1.0 per cent in constant currency terms," it said.