India's Wipro slides to 3-year low after buyback record date, global tech rout

Wipro

08/06/2026 07:07

** Wipro WIPR.NS falls as much as 6.19% to a three-year low of 186.01 rupees, making the software services company the top percentage loser on the Nifty 50 .NSEI and Nifty IT indexes .NIFTYIT, which are down 0.8% each
** Decline comes after the record date for its share buyback on Friday, likely prompting some short-term traders to exit positions, reducing overall buying interest, two analysts say 
** A global technology rout also weighs on sentiment, alongside rising expectations of a U.S. Federal Reserve rate hike by year-end after a stronger-than-expected May jobs report
** Higher U.S. rates hurt Indian IT stocks by reducing appeal for foreign investors 
** Financials and IT, which have relatively high foreign ownership, vulnerable to outflows
** Tighter U.S. policy could also slow client spending, a key revenue driver for software firms 
** Wipro down 29.5% YTD, underperforming Nifty IT's 24% drop

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))