Shares of IT major Wipro on Thursday dropped 6 per cent after the company posted 6 per cent decline in net profit for March quarter that was battered by the fallout of COVID-19.
However, the shares recovered most of the losses on Thursday morning, with the company being traded at Rs 186.10 apiece
The scrip plunged 6 per cent to Rs 175.30 on the BSE. On the NSE, shares of the company fell 3.51 per cent to Rs 180.
"Wipro's results were weak along expected lines. The company desisted from its usual practice of providing quarterly revenue guidance," Emkay Global Financial Services Ltd said in a report.
The IT major did not provide revenue forecast for the current quarter due to business uncertainty caused by the pandemic.
The company, which is the first among its peers to announce financial numbers for the quarter, said it will resume providing revenue guidance after it sees "increased certainty" on demand and supply side factors.
Wipro, which posted a consolidated net profit of Rs 2,345.2 crore in March quarter compared to Rs 2,493.9 crore in the year-ago period, said it expects revenue in June quarter to decline that will put a huge pressure on margins. The Bengaluru-based company's revenue increased 4.6 per cent to Rs 15,711 crore in January-March quarter as against Rs 15,006.3 crore during last year's period.
