Wipro Shares Plunge 9% After Weak Q3 Results, Bleak Outlook; Brokerages Downgrade Ratings

• Wipro shares plummeted 9.3% to ₹241.55 in early trade on Monday, January 19, following disappointing December quarter results.
• The company's Q4 revenue forecast of 0-2% constant currency growth fell short of market expectations (1-3%), signaling a slow recovery.
• Brokerage firms Morgan Stanley and Jefferies downgraded Wipro's rating, citing slow deal conversion and pressure on operating margins.
• Morgan Stanley cut Wipro's rating from "Equal-weight" to "Underweight" and reduced the target price from ₹270 to ₹242.
• Jefferies maintained an "Underperform" rating with a target price of ₹220, highlighting delays in new deal ramp-ups and acquisition costs.

Why It Matters: Wipro's shares crashed due to weak Q3 results, a conservative Q4 forecast, and subsequent brokerage downgrades.