Shares of Wipro fell the most in 7 months as the company’s revenue guidance has disappointed investors. The stock plunged as much as 4.6 per cent in biggest daily percentage loss since September 14, 2017.

The software services exporter's Q4 profit fell 20 per cent to Rs 1,803 crore ($269.5 million), missing analysts estimates. The company sees weak growth in revenue during the current quarter after two clients went bankrupt and it lost business in the US. It expects June-quarter revenue from IT services business in the range of $2.02 billion-$2.07 billion.

Nomura has cut the price target to Rs 260 from Rs 270 with 'reduce' rating. It says Wipro is likely to underperform peers given a weaker presence in developed markets and key verticals.

Morgan Stanley says with most operational parameters running at high levels, it is unsure of margin levers in FY19 other than rupee depreciation. The brokerage says the company’s revenue guidance is a negative surprise.

Kotak Institutional Equities says “perpetual cycle of hope and disappointment continues”; it expects low single-digit growth in FY2019.

Twenty one of 42 brokerages have rated Wipro stock “sell” or lower, seven “buy” or higher, 14 “hold”; their median price target is Rs 290.The stock has fallen 8.6 per cent this year up to Wednesday, compared with a 19 per cent increase in the Nifty IT index.

Wipro's results were bucking the trend from bigger rivals Tata Consultancy Services and Infosys Ltd; both posted a rise in Q4 profit.

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