Wipro hits 52-week low on losing $500 million Estee Lauder contract
Business
Wipro's stock hit a 52-week low amid reports that it was set to lose a roughly $500 million contract with Estee Lauder to Accenture.
That deal, which Wipro had secured under its former CEO, covered app development and IT support.
Wipro set to forfeit $100 million a year
Set to lose the contract, Wipro stands to forfeit about $500 million in total (the source does not specify an annual amount or contract duration) and adds to investor worries, especially since Wipro has been trailing the Nifty 50 index.
Estee Lauder is shaking up its tech approach to handle tough online competition and slow sales in Asia.
Wipro offers 700,000 restricted stock units to retain talent
Meanwhile, Wipro is trying to keep key talent by offering nearly 700,000 restricted stock units just this week.