Wipro’s CEO Resigns, New Appointment Expected to Boost Market Sentiment

Wipro's CEO Resigns, New Appointment Expected to Boost Market Sentiment/Reuters

VoM News Desk | April 7, 2024 | 05:36 PM IST | Breaking News | Follow on Google News

Wipro’s CEO Resigns, New Appointment Expected to Boost Market Sentiment

Wipro’s CEO Resigns, New Appointment Expected to Boost Market Sentiment

Wipro, a prominent IT giant, concluded the week with its shares closing over 0.49 per cent lower at ₹485 per share on the National Stock Exchange (NSE) on Friday. However, Monday’s trading session is anticipated to bring attention to Wipro’s stock following the resignation of CEO and MD Thierry Delaporte on April 6, with Srinivas Pallia set to succeed him.

Market analysts foresee a positive market reaction to the appointment of Srinivas Pallia as the new CEO and MD. Santosh Meena, Head of Research at Swastika Investmart Ltd., expressed optimism, suggesting that Wipro’s stock could potentially reach levels around ₹525 in the coming days.

The unexpected resignation of Thierry Delaporte, originally slated to conclude his term in July 2025, was announced in a regulatory filing. Despite concerns over leadership changes, Wipro’s financial performance under Delaporte’s tenure has shown significant growth, with a 121.43 per cent surge in stock value since July 2020. Additionally, the company witnessed a substantial 47 per cent increase in revenue and a 5.5 per cent rise in net profit during this period.

VoM News Desk

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