Wipro Shares Plunge 9% After Morgan Stanley Downgrade, Q3 Miss Concerns

• Wipro shares dropped 9% following Morgan Stanley's downgrade to "underweight" and a reduced price target of ₹242.
• Morgan Stanley cited Wipro's Q4 guidance, suggesting slower deal-to-revenue conversion and weaker growth visibility compared to peers.
• Wipro's Q4 constant currency revenue growth guidance is 0-2%, lower than analysts' earlier expectations of 1-3%.
• Jefferies maintained an "underperform" rating with a ₹220 price target, highlighting soft deal bookings and delayed ramp-ups.
• Out of 47 analysts, only 11 recommend "buy" for Wipro, while 21 suggest "hold" and 15 advise "sell".

Why It Matters: Wipro shares fell sharply due to a Morgan Stanley downgrade and concerns over Q4 growth guidance.