Shares of IT major Wipro are likely to face heavy selling pressure on Thursday after its American Depository Receipts (ADRs) plunged as much as 17% overnight. The sharp decline reflects growing investor concerns over the company's earnings outlook and the increasing impact of artificial intelligence on the traditional IT services business.
The stock has already lost significant ground over the past few years. Wipro shares are currently trading at Rs 170.35, down 54% from their record high of Rs 369.93 touched on October 14, 2021.
