Wipro shares drop nearly 5 pc

Shares of Wipro Friday fell nearly five per cent after the company said that one of its promoters, Azim Premji Trust, has sold 2.66 crore shares in a block deal on the BSE.

The scrip declined 4.58 per cent to close at Rs 256.50 on the BSE. During the day, it dropped 4.91 per cent to Rs 255.60.

At the National Stock Exchange (NSE), shares plunged 4.18 per cent to close at Rs 257.60 apiece.

On the traded volume front, 466.21 lakh shares were traded on the BSE and over 2 crore shares on the NSE during the day.

The company, however, did not disclose further details of the transaction.

Azim Premji Trust is part of the promoter group that held 3,36,19,97,805 shares amounting to 74.30 per cent stake in the company as of the quarter ended December 31, 2018.

On March 7, Azim Premji Trust had sought pre-clearance for selling equity shares of the company and was granted permission for the aforesaid proposal on the same day, Wipro said in a regulatory filing.

Pre-clearance for selling equity shares of the company is required under the company's code of conduct and Sebi regulations.

"On March 8, 2019, the company has been informed that Azim Premji Trust has sold 2,66,66,667 equity shares of the company on BSE," the filing added.