Wipro shares witnessed a sell off on Friday, June 19, despite the IT services firm said it will acquire an additional 20% stake in Aggne Global IT Services Private for $2.1 million.
The stock hit its 52-week low of ₹174.89 apiece on the National Stock Exchange, declining 4.3%.
The Indian IT services major, in a regulatory filing, said that the additional stake purchase in Aggne will further strengthen its competitive advantage in the insurance sector, particularly in driving AI- and IP-led transformation for the Property & Casualty (P&C) segment. Following the transaction, Wipro's shareholding in Aggne Global IT Services Private will increase to 80%.
The transaction is expected to be completed by June 30, 2026.
"This additional stake purchase in Aggne will further strengthen Wipro's competitive advantage in the insurance sector-particularly in driving AI, and IP led transformations for the Property & Casualty Insurance (P&C) sector," Wipro said in a regulatory filing.
In February 2024, Wipro had acquired a 60% stake in both Aggne Global IT Services and Aggne Global Inc.
Aggne Group is an insurtech company offering a range of AI- and intellectual property-driven services aimed at helping insurers transform operations, improve efficiencies, and enhance customer experience.
The company reported annual turnover of $18.9 million in FY24, $24.2 million in FY25, and $27.5 million in FY26 (for the period ended March 31).
In a separate filing, Wipro also said it has completed a large-scale, multi-year data center migration program for international food wholesaler METRO.
Here's why the stock fell
Wipro's shares tumbled after the IT stocks witnessed heavy selling pressure from investors after the global IT sector bellwether company, Accenture, trimmed down its revenue estimate for FY27.
In its outlook, Accenture revised its revenue target to the range of 3% to 4%, compared to the company's earlier estimates of the 3% to 5% range.
This acted as the primary catalyst for the weak market sentiment among tech stocks, as Accenture attributed its subdued projection largely to the impact of the West Asia crisis on the company's consulting business.
Wipro share price trends
At 10:12 AM, Wipro shares were trading at ₹176.84 apiece on the National Stock Exchange, falling 3.28%.
Over a month's time, the stock has fallen 5%, while it has lost 31% in the last six months. From the beginning of the year, Wipro shares have tumbled 32%.
According to NSE data, the company has a market capitalisation of ₹1.92 lakh crore as of June 16, 2026.