Wipro shares down 4% on block deal reports

Stocks of Wipro on the BSE slumped over 4 per cent on Friday after reports of a block deal emerged whereby Azim Premji Trust allegedly sold 0.44 per cent or 2.67 crore shares in the company. The share price fell nearly 5 per cent around 11.45 a.m. to touch an intra-day low of Rs 255.60 per share. 

At 2.10 p.m, the stock price was Rs 257.40, lower by Rs 11.40 or 4.24 per cent from its previous close of Rs 268.80 per share.

Azim Premji Trust is a part of the promoter group that owns 74.3 per cent stake in the software services provider. Wipro, however, has not put out the details of the deal so far and is yet to respond to a clarification sought by the BSE.