Wipro shares fell by more than 8 per cent in morning trade on Wednesday after the company reported a 28 per cent growth in its consolidated net profit for the quarter ended September 30.
The stock, however, discounted the second quarter numbers and fell 8.41 per cent on the BSE to Rs 471.55.
On the National Stock Exchange as well, the stock opened weak and slumped 6.33 per cent to Rs 482.20.
The India's third largest IT exporter announced its second quarter results after market hours on Tuesday. Wipro posted a net profit from continuing operations at Rs 1,932.1 crore for the second quarter against Rs 1,510.5 crore in the year-ago period.
Market experts said the decline in the counter was largely because the company's second quarter revenue in terms of dollars lagged behind its peer group companies.
Meanwhile, the broader market was also trading in the negative territory with the 30-share benchmark index Sensex was trading at 20,736.49 points, down 128.48 points in morning trade.
In dollar terms, Wipro's net profit stood at $309 million in the second quarter this fiscal, while consolidated revenues were at $1.76 billion during the quarter.
IT services revenue rose 20 per cent to Rs 10,068 crore in the second quarter. In dollar terms, IT revenues rose 5.9 per cent year-on-year (Y-o-Y) to $1.63 billion, whereas, sequential growth stood at 2.7 per cent.
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