Wipro Slumps 2% After CFO Jatin Dalal Resigns

Following Dalal's resignation on Thursday, the company's stock fell to a near three-week low

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22 September, 2023

Wipro shares traded at about two per cent down on Friday, a day after long-serving CFO Jatin Dalal resigned in an unexpected move. This is the latest top level exit for India's fourth largest IT company.

Dalal's departure follows the exit of Chief Operations Officer Sanjeev Singh and numerous senior vice presidents as Wipro navigates a year-long corporate restructuring.

Following the announcement of the CFO move on Thursday, the company's stock fell to a near three-week low. Stocks have gained seven per cent so far this year, lesser than Nifty IT index's 15 per cent gain.

After more than two decades with the firm, Dalal announced his resignation on Thursday to explore new opportunities. He will be succeeded by Aparna C Iyer, who was most recently managing the company's cloud services section.

Top leaders in the IT industry have been making significant moves in recent times. The CEO of Tata Consultancy Services (TCS), Rajesh Gopinathan, stepped down in March. Meanwhile, Mohit Joshi, a veteran from Infosys, is set to become the CEO of Tech Mahindra. In January, S Ravi Kumar, previously the President of Infosys, took on the role of CEO at Cognizant.

IT businesses have been under pressure as fears about a high interest rate environment in the United States floats, adding to concerns about deal close delays, order rampdowns and cancellations.

Wipro had previously predicted that revenue from IT services will be lower in the current quarter as clients cut expenditure.