Wipro ADRs surge 5% to two-month high despite Q2 profit dip: Is anti-AI trade driving gains?

The American Depositary Receipts (ADRs) of Wipro surged 5% in Thursday’s trade on 15 October to hit a nearly two-month high of $1.91, amid signs of a possible rotation back into software stocks as investors reassessed growth prospects and concerns surrounding the AI-driven sell-off in the sector persisted.

The gains came despite the Bengaluru-based IT major reporting a marginal decline in net profit for the September quarter, while its deal bookings fell to multi-year lows.