BENGALURU (Reuters) -Shares of Wipro fell as much as 6.3% on Thursday after the company projected a weak June quarter, with analysts warning that the outlook signalled another tough year for the firm as global tech spending remained under pressure.

India’s fourth biggest IT exporter on Wednesday forecast revenue in the first quarter to fall between 1.5% and 3.5% sequentially, with Chief Executive Srini Pallia saying “uncertainties have dramatically increased” heading into the new fiscal year.

“The first quarter guidance sets the stage for another challenging year following two years of revenue decline,” analysts at Phillip Capital said, while others raised concerns that the results could derail the company’s turnaround efforts under the new chief executive.

Pallia was appointed CEO in April 2024 after the abrupt departure of his predecessor, Thierry Delaporte, during whose tenure the company struggled to bag large deals, saw an exodus of top talent, and lost market share to rivals.

Several analysts said it was likely the company was facing a third year of revenue decline.

At least nine of the 39 analysts covering the stock have downgraded their ratings, while 20 have cut their price targets, according to data compiles by LSEG.

The average analyst rating remains “hold”, while median price target has fallen by almost 14% to 250 rupees from a month back.

“Wipro’s outlook was weaker than what the market anticipated,” BOB Capital Markets said, adding that a weak start for fiscal 2026 was “probably a harbinger for a third successive year of negative revenue growth”.

Shares of Wipro was trading down 5.5% as of 10:30 a.m. IST, falling 22.4% so far this year, outperforming Nifty IT index, which has fallen 24.8%.

Bigger rival Infosys was down 1.7% ahead of results due later in the day.

(Reporting by Ashish Chandra, Nandan Mandayam and Haripriya Suresh in Bengaluru; Editing by Nivedita Bhattacharjee)