Wipro shares fell 0.9% to an intra-day low of Rs 261.70 after it realigned the global business with clients’ needs. The stock was among the major losers on Nifty and has lost 13% year to date. The restructuring in global business line comes amidst the US recessionary concerns and challenging macroeconomic conditions.
Also, the company announced that Jo Debecker, who headed Wipro’s FullStride cloud services business for three years, has stepped down. Debecker’s exit is the 10th high-level change at Wipro since Pallia assumed the role of CEO on April 6. In seven out of the 10 departures, internal candidates have filled the positions.
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This marks the second instance in three years where the company has changed its organizational structure. The previous modification occurred in April 2023 under the leadership of Frenchman Thierry Delaporte as the chief executive.
Wipro’s performance in Q3
The tech company posted a 24.5% year-on-year rise in its consolidated net profit for Q3 FY25 to Rs 3,353.8 crore. The company had a profit of Rs 2,694.2 crore in the same quarter a year ago. Wipro’s revenue from operations stood at Rs 22,319 crores in the third quarter of FY25, compared to Rs 22,205 crore in Q3 FY24.
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The share price of Wipro has fallen 4.5% in the past five trading sessions. The stock has wiped out more than 14% of investors’ wealth in the last one month and 5% in the previous six months. Wipro’s share price has given a return of almost 3% in the last one year.
To compare, the benchmark index, Nifty 50 has risen 0.8% in the past five trading days. The index has fallen 1.8% in the last one month and over 11% in the previous six months. The index has inched up 2.3% in the past one year.
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