Wipro Shares Plunge 9% After Q3 Results: Buy, Sell, or Hold?

• Wipro shares fell sharply by 9% to Rs 241.55 on Monday after the announcement of its December quarter results.
• Morgan Stanley downgraded Wipro's rating from "Equal-weight" to "Underweight" and cut the target price to Rs 242 from Rs 270.
• The downgrade is due to slower-than-expected deal conversion into revenue and weaker growth visibility for the new financial year compared to peers.
• Wipro's Q4 revenue growth guidance of 0-2% in constant currency was weaker than market expectations (1-3%), raising concerns.
• Brokerage firm Jefferies also maintained an "Underperform" rating with a target price of Rs 220, citing weak deal bookings and project delays.

Why It Matters: Wipro shares plummeted after weak Q3 results and cautious Q4 guidance, leading to brokerage downgrades.