Wipro Limited is trading at $1.93 (-8.1%) in pre-market after the stock went ex-record date for its significant share buyback program, a move that is also compounded by broader weakness in the technology sector.
- The stock is extending its decline after turning ex-record date on Friday, June 5, for its Rs 15,000 crore share buyback. Shareholders as of that date are eligible to participate in the tender offer.
- The selloff is also influenced by weak global sentiment for tech stocks, with the Nasdaq under pressure from persistent fears of higher interest rates.
- Morgan Stanley has maintained an 'Underweight' rating on Wipro, citing a clouded near-term growth outlook, which has also added to the negative sentiment.