Wipro Shares Fall 3% After Q3FY20 Results

Shares of Wipro fell 3% to an intra-day low of Rs. 248.20 after announcing its third quarter results for FY20 on Tuesday.

On Tuesday, Wipro Ltd reported a 2.2 percent year-on-year decrease in consolidated profit for the December-ended quarter at Rs 2,460 crore.

Wipro Shares Fall 3% After Q3FY20 Results

The IT company's total revenue rose by 2.73 percent to Rs 15,470.50 crore from Rs 15,059.50 crore in the same period of the previous year. Its revenue from IT services rose by 2.97 percent to Rs 15,100.60 crore. In constant currency terms, it was 1.8 percent higher from the previous quarter and 3.3 percent higher from the same period of the previous year at $2,094.8.

Despite a fall in profits most of the brokerages retained their ratings on the stock as the results were largely in line with consensus estimates.

Last the stock of Wipro was trading down by 3.32% at Rs. 248.60 on the BSE.

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