Wipro Share: Wipro shares in a terrible decline.. Falling due to reduced profits! – it major Wipro share price hits 52 week low after the firms profit fell 9 percent in September quarter

IT major Wipro’s share price fell 6.95% to Rs 379.60 today. Wipro stock fell to a high of Rs 378.10 today. Also, Wipro stock touched a 52-week low today.

Wipro released its earnings for the September quarter yesterday. Of that, Wipro reported a 9% drop in profit to Rs 2,659 crore.

Wipro’s profit declined due to higher staff costs and lower revenue from non-US countries.

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Wipro’s September revenue rose 14.9% to Rs 22,539 crore. Also, Wipro said it expects revenue from its IT services business to be in the range of $2,811 million to $2,853 million in the December quarter.

Wipro’s profits have fallen 6% in the last eight quarters. Acquisition of Capco and Rizing is the main reason behind Wipro’s profit decline. Experts expect that the overall growth of Wipro in the current financial year will not be satisfactory.