India-based IT services giant Wipro Ltd. (NYSE: WIT) announced the resignation of CEO and Managing Director Thierry Delaporte on 6 April. The company also reported that its board approved the appointment of Srinivas Pallia as the new CEO and managing director, effective 7 April.
India Business News: Wipro stock price experienced a 1% drop on Monday, hitting a low of Rs 479 on the Bombay Stock Exchange. The sudden departure of CEO and Managing Director Thierry Delaporte caught investors off guard, leading to concerns about the company's immediate future, said an ET report. Many brokerage firms have issued sell ratings on Wipro's stock, anticipating a period of uncertainty before any potential turnaround.