Wipro Share Price Target 2024: Shares Decline By 1 Pc Amid Leadership Challenges, Is It Good Time To ‘BUY’ Wipro Stock? (image source: Canva)
Wipro Share Price Target 2024: IT giant Wipro shares on Monday declined by over 1 per cent on following the announcement of Thierry Delaporte’s resignation as CEO and the appointment of Srinivas Pallia as the new Chief Executive Officer, effective immediately. On the BSE, the stock dipped 1.40 per cent to Rs 478.40, while at the NSE, it saw a decline of 1.41 per cent to Rs 478.20.
Wipro Stock Performance
The IT stock has remained volatile in last 12 months from reaching an all-time high to falling to lows. On February 16, 2024. The stock has reached 52 week high at Rs 543 per share and recorded a low at Rs 361 per share.
Wipro Share Price Target 2024
Amid the changes in top leadership roles and booming tech industry. For the interested investors is it good time to ‘BUY’? here’s what brokerages said.
Bank Of America has classified the IT stock as an ‘underperformer’ and revised the Wipro share price target to 415 per share.
Wipro Shares Drop as CEO Resigns
Wipro has been grappling with performance challenges compared to its industry peers, marked by a subdued report card and weak guidance. The company also witnessed significant departures at the senior level last year, including CFO Jatin Dalal and Chief Growth Officer Stephanie Trautman.
New Leadership
According to a statement released by Wipro, Srinivas Pallia, the newly appointed CEO, brings extensive institutional and industry knowledge to the role, coupled with a strong track record of leadership during significant technological shifts within the industry.
In a filing with the BSE on Saturday, Wipro announced the resignation of Thierry Delaporte, effective April 6, 2024. The company further stated that Delaporte would be relieved from employment with effect from the close of business hours on May 31, 2024.
The Wipro Board, in a meeting held on April 6, 2024, approved the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company with effect from April 7, 2024. Pallia’s tenure is set for five years, subject to shareholder and governmental approvals as required.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
