Shares of Wipro crashed nearly 8% on Friday, bucking the overall market optimism after the stock turned ex-record date for its Rs 15,000 crore share buyback.

Additionally, a former female employee at the IT major alleged harassment, workplace discrimination and forced resignation, spooking investors after a similar case at peer TCS earlier.

Shares of Wipro crashed nearly 8% to Rs 188.15 apiece on NSE, even as Sensex and Nifty traded in the green, along with most of its IT peers, including TCS, Infosys, Tech Mahindra and others.

Wipro fixed June 5 (Friday) as the record date for its Rs 15,000 crore share buyback. Only those shareholders who own the shares of the company in their demat accounts today will be eligible to tender shares.

Wipro, earlier in April, had announced a share buyback at Rs 250 per share, offering a 22% premium over the stock’s last closing price. The share buyback marks the first such action announced by the IT major in nearly three years. The company’s board approved the plan to buy back up to 60 crore shares, representing 5.7% of the total paid-up share capital, for an aggregate amount not exceeding Rs 15,000 crore.

The buyback will be done via the tender route, and all shareholders on the record date, including those who received the equity shares after cancelling their American Depository Receipts (ADR), will be eligible to take part in the corporate action. Wipro added that promoters and promoter groups have indicated their intention to participate in the proposed buyback.

Buyback of shares refers to a corporate action where a company repurchases its own shares from the existing shareholders. Usually, the company purchases the shares at a higher price than the current levels, encouraging investors to participate. Typically, a company decides to buy back its shares in order to increase share value, utilise surplus cash, prevent hostile takeovers or increase promoter holdings.

Religious harassment claims against Wipro

The former Wipro employee submitted her complaint to Hinjawadi Police in Pune, following which a legal notice was served to the IT company. The allegations were made during a press conference held by representatives of Hindu Janajagruti Samiti, where the complainant detailed alleged incidents that took place while she was employed at the company's Hinjawadi office.

According to her, a female colleague allegedly pressured her on multiple occasions to convert to Islam and enter into a relationship with a Muslim man. She further alleged that the colleague repeatedly made suggestions regarding her personal life and encouraged her to abandon her Hinduism.

"The way these people trap women, Hindu women, and then force them, compel them, to either follow their ways or leave their jobs. Due to this forced situation, I had to hold this press conference. I have endured harassment and torture for 10 months. I had to bring this forward, and I also want to create awareness that if women are Hindu, we should at least take some steps for their protection. And this undercover process of religious conversion, the highlights of which we never get to know. We think we are just having a casual talk, while they are trying to trap you and make you accept conversion to Islam. When we talk to the company about these things, the company says these things don't happen in our company, and it's covered up," the complainant alleged.

Wipro on Friday issued a clarification, expressing its commitment to employee welfare, dignity and a safe workplace. It added that it is fully cooperating with authorities in the ongoing investigation in Pune.

In its statement, the company said it follows a "zero-tolerance approach towards any form of misconduct, discrimination, harassment, or actions that compromise an individual's fundamental rights and freedoms," adding that it has provided all relevant documents and information to the Pune Police.

"At Wipro, employee welfare, dignity, and respect are paramount. We maintain a zero-tolerance approach towards any form of misconduct, discrimination, harassment, or actions that compromise an individual's fundamental rights and freedoms. We have been fully cooperating with the authorities in this matter and have provided all relevant documents and information to the Pune Police. As the matter is currently under investigation, we cannot comment on the specifics of the case. We remain committed to maintaining a safe, inclusive, and respectful workplace for all our employees,” the statement further reads.

Wipro shares pared some losses later to trade 4% lower at Rs 195.61 apiece, as seen at 9.40 am. The stock has fallen more than 4% in one week and 2% in one month, while being down over 27% in 2026 so far.

Also read: Did this L&T-backed AI stock actually crash 90% in one day? Here's all you need to know

The shares of the company declined more than 21% in one year, 3% in three years and nearly 30% in five years.