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Wipro falls nearly 5 percent after promoter sells 0.4% via block deal

The volume has risen to 39.83 shares changing hands on BSE ( above 5, 10, 30-day average) and 1.8 crore shares on NSE (at 11:30 a.m.).

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Wipro falls nearly 5 percent after promoter sell 0.4 stakes via block deal
Wipro share price has been losing for the last two days and has fallen 6.94 percent in the period.

After witnessing a huge block deal today, Wipro share price fell nearly 5 per cent on BSE. Wipro share price opened 2.6 per cent below its previous close and fell as much as 4.76 per cent after touching an intraday low of Rs 256, the sharpest decline since January 14.

"Promoter Azim Premji Trust is likely to sell the 0.4 percent stake or up to 2.67 crore shares in the IT company through his philanthropic trust," reported BloombergQuint. "The term sheet has a greenshoe option allowing a total sale of 0.44% or up to 26.7 million shares. The terms indicate the shares will be sold between ?255.4 and 260.8 apiece. That implies a discount of 3% to 5% to Thursday's closing price," the report said.

The volume has risen to 39.83 shares changing hands on BSE ( above 5, 10, 30-day average) and 1.8 crore shares on NSE (at 11:30 a.m.).

Wipro share price has been losing for the last two days and has fallen 6.94 percent in the period.

On Nifty IT, Wipro was the worst performer, falling by 3.48 percent. In technical terms, both weekly and monthly MACD charts suggest Bullish trend. Wipro has moved below its 50-day simple moving average today. The stock is above its 150 and 200-day SMA. Both on NSE and BSE, the price of the stock has fallen more than 7 percent for 1 week and 1 month's period. However, the share price has increased 6 percent in 6 months and over 20 percent in one year.

(Edited by Rupa Burman Roy)

Also Read: Why Tata Motors share is the top loser on Sensex, Nifty today

Also Read: Sensex, Nifty turn negative on weak global cues

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