Shares of Wipro snapped five-day rally and are currently trading lower on Wednesday's morning trade after a media report said that the foreign brokerage firm Credit Suisse downgraded its rating to underperform from neutral on likely margin volatility.
The brokerage firm has also reduced its price target by 13.5% to Rs320 from Rs370 apiece earlier as it sees limited scope for further earnings upgrades, the report added.
The stock is among top losers on the Nifty50 index in today’s session.
Wipro Ltd is currently trading at Rs378.20 down by Rs9 or 2.32% from its previous closing of Rs387.20 on the BSE. The scrip opened at Rs380 and has touched a high and low of Rs383.25 and Rs377.45 respectively.
The brokerage firm has also reduced its price target by 13.5% to Rs320 from Rs370 apiece earlier as it sees limited scope for further earnings upgrades, the report added.
The stock is among top losers on the Nifty50 index in today’s session.
Wipro Ltd is currently trading at Rs378.20 down by Rs9 or 2.32% from its previous closing of Rs387.20 on the BSE. The scrip opened at Rs380 and has touched a high and low of Rs383.25 and Rs377.45 respectively.
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