The scrip of the country's third largest software services exporter, Wipro, declined by as much as 4% in early morning trade today after the company reported its fourth quarter earnings.
The stock, which the market values at about $26 billion, have fallen 5.4% this year, compared with a 9% fall in the sector index and the wider market's 4.3% loss.
Shares of the company touched a low of Rs 444.90, down 4.11% from their previous close of Rs 464 on the Bombay Stock Exchange.
A similar trend was witnessed on the National Stock Exchange, where the stock touched a low of Rs 444.40, a dip of 4.36% vis-a-vis its last closing price.
"The decline in the stock was largely because of week guidance," said Ashika Stock Broking Research Head Paras Bothra, adding that "the Q4 earnings were not up to market expectations as well."
The scrip however, regained some lost ground and was trading at Rs 446.40 on the BSE and at Rs 446.20 on the NSE at 10.09 hours.
Wipro today reported a growth of 13.77% in consolidated net profit for the quarter ended March 31, 2011.
Net income from sales for the reporting quarter stood at Rs 8,302.4 crore as against Rs 7,016.1 crore in Q4, FY2009-10, up 18.33% to Rs 1,375.4 crore.