Wipro shares tank 5% on block deal

NEW DELHI: Shares of Wipro slipped nearly 5 per cent on Friday morning after 2.67 crore shares traded in a block at Rs 260 per share on BSE.

The scrip closed at Rs 256.50 down 4.58 per cent on BSE while the benchmark BSE Sensex closed 0.15 per cent lower at 36,671.43.

Times of India had on Thursday reported Azim Premji Trust, the philanthropic arm of billionaire Azim Premji was looking to sell up to 2.7 crore shares, or 0.44 per cent stake, in the IT firm. The deal was estimated to mobilise about Rs 720 crore.


"The Azim Premji Trust, part of the promoter group that owns 74.3 per cent in the software services provider, plans to sell a minimum of 0.29 per cent, or 1.78 crore shares through block deals," the report added. The trust was expected to sell shares at a price band of Rs 255.40 to Rs 260.78, a discount of 3-5 per cent on the Thursday’s closing price.

The fall in the stock, thus was in line with the block deal price.

In the past as well, have been monitoring stakes in Wipro to help improve the quality of education in Indian primary schools.

Meanwhile, the shares of Wipro opened at Rs 261.70 on BSE against its previous closing of Rs 268.80.