Shares of Wipro hit a 52-week high of Rs 529 on 15 January after the company announced its quarterly report for October-December.

The company reported a 12% year-on-year decline in its net profit to Rs 2,694 crore during the quarter from Rs 2,706 crore reported in the same quarter last year.

The consolidated revenue during the quarter stood at Rs 22,205 crore, which is a 4.4% YoY decline from Rs 22,343 crore reported in the same quarter of the previous fiscal year.

The company has also adjusted its revenue growth guidance for the upcoming quarter at both the lower and upper end—the current guide for revenue growth of -1.5% to 0.5%.

The company said that their quarter is exceptionally weak for IT companies as the holiday season is going on in the US and Europe, which are the biggest markets for the company.

The decline in the revenue was expected due to the weak demands in the banking, financial services, and insurance (BFSI) sector, along with the company’s high exposure to consulting at a time when discretionary spending has plummeted.

At 2:37 pm, the shares of Wipro were trading 7.06% higher at Rs 498.30 on NSE.