Wipro settles 8% down; m-cap slides Rs 7,220 cr

Wipro settles 8% down; m-cap slides Rs 7,220 cr Mumbai: Defying a strong stock market, shares of Wipro on Monday settled with nearly 8 percent loss after lower-than-expected results on revenue as well as margin front and weak guidance for the first quarter of 2013-14 .

After falling 11 percent in intra-day trade, shares of the IT major finally ended at Rs 339.35, down 7.95 percent from its previous close on the BSE.

At the NSE, the scrip ended at Rs 340.60, down 7.71 percent.

The market value of the company went down by Rs 7,220 crore to Rs 83,576 crore.

"Wipro's Q4 FY13 results were below consensus expectation. Moreover, seasonality and uncertain external environment prompted for a weaker-than-expected guidance for Q1 FY14," said Shashi Bhusan, Senior Research Analyst Institutional Equities, Prabhudas Lilladher.

Wipro had on Friday reported 16.73 percent increase in net profit to Rs 1,728.7 crore for the fourth quarter ended March 31, 2013.

The country's third largest software services firm's net profit stood at Rs 1,480.9 crore in the year-ago period.

The consolidated total income of the company rose by 13 percent to Rs 9,613.1 crore for the January-March quarter in 2013-13 fiscal against Rs 8,506.1 crore in the same period of 2011-12 fiscal.

The company has said it expects revenues from its IT services business to be in the range of USD 1.575-1.610 billion for the first quarter (April-June) of the current fiscal.

Weakness was also seen in other IT stocks with Infosys falling by 2.22 percent, TCS (1.75 percent), Hexaware Tech (2.86 percent), HCL Tech (2.06 percent).

In the stock market, the BSE benchmark Sensex ended at 19,169.83, up 153.37 points.