Shares of IT services major Wipro plunged as much as 8.5% in morning trade on Friday after the company's June quarter earnings missed expectations. Wipro's scrip tumbled 8.46% to Rs. 528 on the BSE.
At the NSE, it tanked 8.12% to Rs. 530. The stock was the top loser among the blue-chips on both Sensex and Nifty during the morning trade.
"Wipro's June'14 quarter results missed the 'already modest' expectations," said Manik Taneja, research analyst at Emkay Global Financial Services.
Wipro had on Thursday reported 29.5% growth in consolidated net profit for April-June period, helped by large deals in application and infrastructure space as well as return of discretionary spending in the North American market.
The firm had posted a net profit of Rs. 1,623.3 crore in the year-ago period, it had said in a BSE filing.
Consolidated net sales of the country's third-largest IT services firm rose 15.5% to Rs. 11,245.5 crore in April-June quarter this fiscal from Rs. 9,733.2 crore in the same quarter of 2013-14.
In US dollars, Wipro reported a net profit of $351 million and revenue of $1.9 billion.
Revenue from IT services stood at $1.74 billion, a quarter-on-quarter increase of 1.2% and year-on-year increase of 9.6%. Wipro had guided this to be in the range of $1.715 billion and $1.755 billion.