Shares price of Wipro, the country's third-largest software exporter, slipped by as much as 3 per cent on the bourses on Wednesday after the company posted a 1 per cent rise in first quarter net profit.
Shares of the company opened on a bullish note but soon lost ground and slipped into negative territory. They were trading at Rs 403.80 apiece, down 2.70 per cent, at 10.40 am on the Bombay Stock Exchange.
A similar trend was seen on the National Stock Exchange, where the stock opened at Rs 417, but then slipped to an intra-day low of Rs 401.40. It was later trading at Rs 404.20, down 2.65 per cent on the NSE.
Marketmen said even though Wipro's Q1 numbers beat market estimates, the stock slipped because of profit booking.
The consolidated net profit of the company for the quarter ended June 30 stood Rs 1,335 crore, compared to Rs 1,319 crore for the quarter ended June 30, 2010.
The total income of the group increased to Rs 8,783.2 crore for the quarter under review from Rs 7,371.5 crore a year ago.