Wipro share price climbs 1% following a 17% drop in ADRs overnight amid growing AI concerns. Do you own?

Wipro shares edged up 1% to ₹172.74 on the NSE after its ADRs plunged about 17% to $1.87 on the NYSE overnight, hitting a 52-week low of ₹169.25 earlier in the week. JPMorgan downgraded the stock to Underweight from Neutral and cut its price target to $1.70 from $2.20, citing generative AI pricing pressure and weak demand. The stock has declined 36% year-to-date amid concerns that accelerating AI adoption is structurally disrupting traditional IT services business models.