Wipro Shares Plunge After Weak Forecast

Bengaluru: Wipro’s stock experienced a sharp decline of as much as 6.3% on Thursday, following the company’s projection of soft performance for the June quarter. This announcement intensified worries regarding sluggish demand, previously highlighted by its competitor, TCS.

On Wednesday, the fourth-largest IT exporter in India predicted a sequential revenue decrease ranging from 1.5% to 3.5% for the first quarter. CEO Srini Pallia noted a significant rise in uncertainties as the new fiscal year commenced.

Wipro’s shares had previously seen their most promising day in four years, fueled by similar hopes of demand recovery from other IT firms.

Data from LSEG indicates that at least 20 analysts have reduced their target price for Wipro’s shares.

BOB Capital Markets commented in a note that Wipro’s outlook was more subdued than market expectations. They added that a weak beginning to fiscal year 2026 could indicate a third consecutive year of negative revenue growth.

As of 9:41 a.m. IST, shares were trading down by 5.6%.