Wipro ADR plunges 3%: 4 reasons why…

The Wipro ADRs ended 3% lower at $2.73 on Wednesday, April 16, after the company announced its Q4 results. They plunged as much as 6.7%, hitting an intraday low of $2.63 before recovering slightly. The selloff was primarily on the back of the weak outlook for the upcoming quarter. Wipro has guided to a weak revenue guidance for the April–June quarter.

On the Indian stock exchanges, Wipro’s shares price had closed 1.39% higher at Rs 247.5 on the BSE before the results were announced.