Flattish guidance fells scrips by 3%

Flattish guidance fells scrips by 3%

 With this, the Bangalore-headquartered IT giant Wipro also joined its peer Infosys in forecasting sales that missed analysts expectations.

Market analysts expressing disappointment over Wipro’s guidance that it will make the task of matching the growth rates of rivals tougher for them. “.... They have forecast flattish growth in the first quarter compared to expectations of about 2.5 to 3 per cent growth,” said Shradha Agrawal, analyst with Batlivala & Karani Securities.

Wipro shares fell 4 per cent initially in the opening trade on bourses here which was trading slightly higher. Thereafter, the stock was trading down 3.2 percent in the noon trade and down 2.86 per cent in the closing at Rs 450.75 on BSE.

In perspective, the Wipro stock, valued at about $26 billion, have fallen 5.4 per cent this year, compared with a 9 percent fall in the sector index and the wider market's 4.3 per cent loss. The BSE 30-share Sensex was down 96.66 points or 0.49 per cent to 19,448.69. It fell 132.56 points at day’s low of 19,412.79 in mid-afternoon trade and gained 88.28 points at the day’s high of 19,633.33 in early trade. The 50-unit S&P CNX Nifty at NSE was down 34.50 points or 0.59 per cent to 5,833.90 points.

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