Wipro ADR surges 20% overnight, Indian stock in focus; Here's what it told the exchanges

Wipro Ltd.’s US-listed American Depositary Receipts (ADRs) jumped 20% in Wall Street trading on May 28, the largest single-day gain since October 2008. The Bengaluru-based technology services provider’s ADR has also risen in eight of the last 10 trading sessions, with a 31% increase over the past 10 sessions, though liquidity remains lower than its Indian-listed shares. The surge follows Wipro’s announcement of an expanded partnership with ServiceNow to integrate its AI-powered platform, Wipro Intelligence™, with ServiceNow’s AI Platform. The collaboration aims to streamline work initiation, orchestration, and execution across enterprise systems while embedding governance and auditability. Key benefits include reducing bottlenecks in procurement, accelerating issue resolution in telecom, and improving cybersecurity workflows. The partnership also eliminates manual coordination, enhances operational visibility, and ensures policy-aligned execution. Wipro’s Indian-listed shares had an eight-day winning streak before closing lower on May 29. The company is preparing for a share buyback with a record date set for June 5, allowing US-listed shareholders to participate. The buyback announcement coincides with the ADR’s recent gains, though the company could not comment immediately due to a trading holiday.