Wipro Shares Drop 8% Amid Buyback Announcement and Harassment Allegations
Wipro plunges 8% after shares turn ex-record date for Rs 15,000 crore buyback
Image: The Economic Times
Wipro's shares fell nearly 8% to ₹188.15 following the announcement of a ₹15,000 crore buyback and allegations of harassment from a former employee. The buyback, set for June 5, offers ₹250 per share, while the harassment claims have raised concerns among investors.
- 01Wipro's share buyback plan aims to repurchase up to 60 crore shares for a total of ₹15,000 crore.
- 02The buyback price of ₹250 per share represents a 22% premium over the stock's last closing price.
- 03A former employee has alleged workplace harassment and discrimination, claiming pressure to convert to Islam.
- 04Wipro's stock has seen a decline of over 27% in 2023 and more than 21% over the past year.
- 05The company maintains a zero-tolerance policy towards misconduct and is cooperating with ongoing investigations.
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Wipro's shares experienced a significant decline of nearly 8% on Friday, dropping to ₹188.15 on the National Stock Exchange (NSE). This downturn occurred as the company announced a ₹15,000 crore share buyback set for June 5, which offers shareholders ₹250 per share, a 22% premium over the last closing price. Despite the overall market's positive performance, the drop was exacerbated by allegations from a former employee who claimed harassment and discrimination at Wipro's Hinjawadi office. The employee alleged that she faced pressure to convert to Islam and was subjected to personal life suggestions by a colleague. Wipro responded by emphasizing its commitment to employee welfare and cooperation with authorities in the ongoing investigation. The company's stock has faced a broader decline, falling over 27% in 2023 and more than 21% in the past year.
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The decline in Wipro's share price could affect investor confidence and market perception of the company, particularly in light of the harassment allegations.
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