Bad News For Wipro Employees! IT Company to Sack Hundreds of Mid-Level Staff | Details Here

Layoff News: After Google, Meta and Amazon, tech giant Wipro has reportedly decided to cut hundreds of jobs. Though an official confirmation from the company is awaited, several reports have claimed that Wipro is in the process of sacking many employees in mid-level roles (especially those working onsite), in a bid to improve its profit margins.

Reports in Business portals suggest that this strategic move is linked to the company's sizable acquisition of the consulting firm Capco for a hefty $1.45 billion in 2021, a decision spearheaded by the company's CEO, Thierry Delaporte. 

The acquisition of Capco, aimed at bolstering the company's consulting capabilities, has seemingly encountered challenges in the wake of the post-Covid economic downturn. The consulting business, now under the company's umbrella, has faced the brunt of reduced customer spending, prompting the need for stringent cost-cutting measures.  

In other news, Azim Premji, the founder of Wipro, has gifted 1.02 crore equity shares of Wipro to his two sons, Rishad Premji and Tariq Premji.

At the current valuation of Rs 472.9 per share, the transferred shares hold an impressive worth of approximately Rs 483 crore. Rishad Premji, who currently serves as the Executive Chairman of Wipro, is a well-known figure in the IT industry and continues to lead the company with distinction.

Azim Premji, in a filing on Wednesday, stated, "I, Azim H Premji, wish to intimate you that 1,02,30,180 equity shares of Wipro Limited held by me, amounting to 0.20 per cent of the share capital of the company were transferred to Rishad Azim Premji and Tariq Azim Premji in the form of a gift."

This transaction will not result in any change in the overall promoter and promoter group shareholding in Wipro. The shareholding structure will remain unaltered even after the completion of this generous gift.

In a separate filing by Wipro, Rishad Premji confirmed the receipt of 51,15,090 equity shares of Wipro Ltd as a gift from Azim Premji. A similar intimation was made for Tariq Premji, who also received 51,15,090 equity shares of Wipro Ltd as a gift from his father, Azim Premji.