Wipro Shares Plunge 9% Post Q3 Results; Morgan Stanley Downgrades Stock

• Wipro shares fell over 9% after its Q3 results, following a downgrade by Morgan Stanley.
• Morgan Stanley cut Wipro's rating to "underweight" from "equalweight" and lowered its price target to Rs 242.
• The brokerage cited slower deal conversion to revenue and weaker growth visibility for Wipro compared to peers.
• Wipro guided for 0% to 2% constant currency revenue growth for Q4, below analyst expectations.
• Jefferies also maintained an "underperform" rating, highlighting margin pressure from acquisitions and project delays.

Why It Matters: Wipro's Q3 results and weak Q4 guidance led to a significant stock drop and analyst downgrades.