Wipro Share Price Plummets Amid Harassment Allegations and Rs 15,000 Crore Buyback
Wipro’s share price plummeted nearly 8% to Rs 188.15 apiece on the National Stock Exchange (NSE), despite the Sensex and Nifty trading in the green, as the IT major’s shares turned ex-record date for its Rs 15,000 crore buyback.
Wipro Faces Backlash Amid Harassment Allegations and Buyback Announcement
A former female employee at Wipro alleged harassment, workplace discrimination, and forced resignation, spooking investors after a similar case at peer TCS earlier.
The allegations were made during a press conference held by representatives of Hindu Janajagruti Samiti, where the complainant detailed alleged incidents that took place while she was employed at the company’s Hinjawadi office.
Key Allegations Against Wipro
The former employee alleged that a female colleague pressured her on multiple occasions to convert to Islam and enter into a relationship with a Muslim man.
She further alleged that the colleague repeatedly made suggestions regarding her personal life and encouraged her to abandon her Hinduism.
Market Impact of Wipro Buyback and Harassment Allegations
- Wipro fixed June 5 as the record date for its Rs 15,000 crore share buyback.
- The buyback will be done via the tender route, and all shareholders on the record date, including those who received the equity shares after cancelling their American Depository Receipts (ADR), will be eligible to take part in the corporate action.
- The company’s board approved the plan to buy back up to 60 crore shares, representing 5.7% of the total paid-up share capital, for an aggregate amount not exceeding Rs 15,000 crore.
- The buyback will be done at a price of Rs 250 per share, offering a 22% premium over the stock’s last closing price.
- Wipro’s share price has fallen more than 4% in one week and 2% in one month, while being down over 27% in 2026 so far.
- The shares of the company declined more than 21% in one year, 3% in three years, and nearly 30% in five years.
Key Takeaways
- Wipro’s share price plummeted nearly 8% to Rs 188.15 apiece on the NSE.
- The company fixed June 5 as the record date for its Rs 15,000 crore share buyback.
- A former female employee at Wipro alleged harassment, workplace discrimination, and forced resignation.
FAQs
What is a share buyback?
A share buyback is a corporate action where a company repurchases its own shares from the existing shareholders.
What is the purpose of a share buyback?
The purpose of a share buyback is to increase share value, utilise surplus cash, prevent hostile takeovers, or increase promoter holdings.
What is the record date for Wipro’s share buyback?
The record date for Wipro’s share buyback is June 5.
Conclusion
Wipro’s share price plummeted nearly 8% to Rs 188.15 apiece on the NSE, despite the Sensex and Nifty trading in the green, as the IT major’s shares turned ex-record date for its Rs 15,000 crore buyback.
The company faces backlash amid harassment allegations and buyback announcement, which may impact its share price in the near future.
Investors are advised to keep a close eye on the company’s performance and make informed decisions accordingly.
