Shares of Wipro Limited (WIT) plummeted 6.61% in pre-market trading on Wednesday, as investors reacted negatively to the company's disappointing revenue forecast for the first quarter of the fiscal year. The sharp decline came despite the IT services giant meeting earnings expectations for the quarter ended March 31.

According to the company's latest earnings report, Wipro reported adjusted earnings of 4 cents per share for the fourth quarter, in line with analysts' expectations and up from 3 cents per share in the same quarter last year. Revenue fell 1.5% to $2.63 billion, slightly above the analysts' estimate of $2.62 billion. However, the company's gloomy outlook for the upcoming quarter overshadowed these results.

The market's negative reaction reflects growing concerns about Wipro's near-term growth prospects in the competitive IT services and consulting sector. This pessimistic view is further reinforced by the company's year-to-date performance, with shares already down 20.3% before this latest plunge. Wall Street's current consensus recommendation for Wipro is "sell," with a median 12-month price target of $2.89, indicating ongoing challenges in the market perception of the company's outlook.