Wipro‘s NSE share price fell by almost 0.49 percent, closing at ₹485 on Friday.Thierry Delaporte stepped down from his positions as CEO and MD of Wipro on April 6, and investors will be paying close attention to the company’s stock on Monday. Srinivas Pallia will take over as the Chief Executive Officer and Managing Director of Wipro.
Market analysts predict that Srinivas Pallia’s appointment as MD and CEO will boost the sector.
Markets should welcome Srinivas Pallia as CEO. Pallia is a Wipro veteran with business experience. In an interview with Livemint, Swastika Investmart Ltd. Head of Research Santosh Meena projected a rise towards 525 in the coming days.
He predicted that in the coming days, the stock would most likely rise above $525.
In a stock exchange release, the IT company also revealed that Delaporte’s CEO tenure abruptly ended on Saturday, with an expiration date of July 2025.
The resignation of Mr. Thierry Delaporte was brought to the attention of the Board of Directors on April 6, 2024. According to Wipro, he is scheduled to depart on the 31st of May, 2024, at the end of business hours of operation.
The underperformance of Wipro’s stock price relative to its peers after numerous important executives left the company under Thierry Delaporte’s leadership has sparked concerns.
Since assuming office in July 2020, Wipro’s stock has risen by 121.43%. In the preceding year, the fourth-largest tech company’s shares had a 29.92% gain.
Over the last 14 quarters, the stock has climbed by more than 121% under Delaporte.
The third quarter of FY24 saw a 47% increase in Wipro’s revenue from July 1, 2020. Wipro’s net profit grew by 5.5% when Delaporte was the CEO.
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