Wipro's stocks fell just as the day began. Know why

Shares of Wipro Ltd, India's 3rd largest software exporter, fell as much as 3 percent in early deals on Friday after the company reported a tepid set of earnings after markets closed yesterday.

Wipro said its first quarter consolidated Net Profit rose 4 percent to 2,187 crore rupees compared with 2,103 crore rupees in the same quarter a year ago. Sales during April-June gained 10 percent to 12,895 crore rupees from 11,670 crore rupees in the year ago period.

Wipro fell 2.8 percent, or 16.40 rupees, to 572 rupees on the National Stock Exchange, where 8.07 lakh shares were traded compared with the 5-day average of 13 lakhs.

Wipro's market capitalisation has remained flat in the past one year to 145,304 crore rupees.

(Image credit: Indiatimes)