Wipro shares tumble nearly 10% after profit decline in Q3

New Delhi (PTI): Shares of IT services major Wipro tanked nearly 10 per cent on Monday after the firm reported a 7 per cent decline in consolidated net profit in the third quarter of FY26.

The stock tumbled 9.54 per cent to Rs 241.75 on the BSE.

At the NSE, it dropped sharply by 9.68 per cent to Rs 241.55.

The company's earnings were announced post-market hours on Friday.

Wipro on Friday reported a 7 per cent decline in consolidated net profit to Rs 3,119 crore in the third quarter of FY26, weighed down by one-off restructuring charges and labour code implementations.

The Bengaluru-headquartered company had posted a net profit (attributable to equity holders of the company) of Rs 3,353.8 crore in the year-ago period.

Wipro recorded a one-time provisional impact of Rs 302.8 crore from the implementation of the new labour codes.

Wipro's larger peers -- TCS, Infosys, and HCLTech -- have also taken significant hits from the new labour codes in their Q3 FY26 earnings.

The October-December quarter also witnessed a one-time cost impact of Rs 263 crore for Wipro on account of a now-completed restructuring exercise.