Key facts
- Wipro shares fell 8% on Friday.
- The stock traded ex-record date for its Rs 15,000 crore buyback.
- This is Wipro's first buyback in nearly three years.
- Allegations of workplace harassment and discrimination were made by a former employee.
Wipro shares experienced a significant decline of 8% on Friday, trading ex-record date for its substantial Rs 15,000 crore share buyback program. This marks the first time the IT major has initiated a buyback in approximately three years. The sharp fall in share price occurred despite a generally optimistic broader market. Investor sentiment was further negatively impacted by recent allegations of workplace harassment and discrimination, reportedly made by a former employee. These combined factors contributed to the significant drop in Wipro's stock value.