Wipro shares plummet on founder's plan to sell stake

Shares in Wipro Ltd fell after the company said that a trust controlled by its billionaire founder Azim Premji plans to sell up to 35 million shares, or around 1.4 percent stake in the company, on the stock market via a new auction process.

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“This will definitely increase the number of shares available for trade in the market,” said an institutional sales person.

At 10:47 am, shares of Wipro were down 1.40 percent at 431.60 rupees.

Reuters