Shares of Wipro touched a 52-week low of Rs 370.10, down 1.5% in intraday trade on Thursday, on concerns over weak revenue growth in the January-March quarter (Q4FY23). Shares of the information technology company fell below the previous low of Rs 372.40 hit on October 17, 2022.

Shares of Wipro have fallen 38% over the past year, compared with a 1.4% decline in the S&P BSE Sensex index. The stock hit a new 52-week high of Rs 616 on March 21, 2022. The stock hit an all-time high of Rs 740 on October 14, 2021.

The company expects full-year revenue from its IT services to grow 11.5-12% on a CC basis. Guidance for Q4FY23 revenue growth is flat to slightly negative on QoQ CC, while margins are expected to improve QoQ.

Wipro management said that the decrease in discretionary spending and slow increase in won deals was responsible for the slower growth in Q3FY23, and it is likely to slow down soon. It was optimistic about improving revenue growth over the medium term but did not say when it would pick up.