Wipro shares plunged 5 percent intraday on Friday after nearly Rs 700 crore worth of shares changed hands in a block deal on March 8.
The stock was quoting at Rs 257.45, down Rs 11.35, or 4.22 percent on the BSE, at 12:25 hours IST.
About 2.67 crore shares changed hands in a single block deal on the BSE at Rs 260 per share, reports CNBC-TV18.
The trading volumes jumped by more than 32-fold to 10,37,549 shares, compared to its five day average of 32,044 shares on the BSE.
The Azim Premji Trust, part of the promoter group that owns 74.3 percent in the software services provider, plans to sell a minimum of 0.29 percent, or 1.78 crore shares through block deals, BloombergQuint said quoting people familiar the news. The term sheet has a greenshoe option allowing a total sale of 0.44 percent or up to 2.67 crore shares, it added.
Among stocks available in the Nifty IT index (which was down 0.7 percent), Wipro was the biggest loser, followed by HCL Technologies (down 1.65 percent) and Infosys (0.86 percent).