Wipro shares slumped nearly 10% Monday after the Indian IT services firm reported a third-quarter earnings miss. Consolidated net profit fell about 7% to 31.19 billion rupees, hurt by cost pressures and one-time provisions linked to new labor codes. Revenue rose 6% to 235.56 billion rupees, broadly matching estimates.

The stock hit a two-month low as investors focused on weaker deal momentum. Total contract value was about $3.3 billion, but large deal wins fell to around $871 million. This reflects ongoing caution among global clients, a trend affecting major IT firms like Infosys and Tata Consultancy Services.

Management forecast flat to 2% sequential growth in IT services revenue for the March quarter, below market expectations. The weak outlook reinforces concerns about deal pipelines in a slowing global economy. Investors will watch for signs of recovery in client spending and larger contract wins in upcoming quarters.