Wipro trades flat on muted June quarter revenue guidance

Wipro shares slumped 3 per cent from its early morning high to trade at Rs 282 after the firm gave a tepid outlook for the first quarter of FY20, citing delays in starting new projects. The stock had opened 3 per cent higher at Rs 289 on the BSE on Thursday. In comparison, the benchmark S&P BSE Sensex was up 0.29 per cent at 39,392 points at 09:20 am.

The country’s third-largest IT services company said it expects revenue from IT services business to be in the range of $2,046 million to $2,087 million for the quarter ending June 30, 2019 (Q1FY20). This translates to a sequential growth of -1.0 per cent to 1.0 per cent excluding the impact of the divestment of its Workday and Cornerstone on demand business which was concluded in the quarter ended March 31, 2019, it said.