Wipro Limited has dipped 3.3% at Rs 371.50, its lowest level since November 2011, in noon trades on the National Stock Exchange. The trading volumes on the counter have surged almost three-fold, with a combined 3.86 million shares changing hands thus far on both the exchanges.
According to reports, global auto giant General Motors plans to stop outsourcing its IT needs to companies like EDS, IBM, and Wipro.
“It is expected that EDS, which is an outsourced services supplier for GM alongside IBM, Capgemini and Wipro, could lose out on $3 billion a year in revenues if the carmaker goes predominantly in-house,” reports suggest.