Wipro shares could crash 17% on Thursday if ADR is an indicator. What’s worrying investors?

Wipro shares could fall 17% based on ADR trends, trading at Rs 170.35 — down 54% from their record high of Rs 369.93. JPMorgan downgraded Wipro, HCL Technologies, and Tata Technologies to underweight, citing growth headwinds from weak US discretionary spending, generative AI disruption, and elevated inflation. The brokerage expects further cuts to FY27 revenue growth estimates, with the Indian IT sector having erased about Rs 19 lakh crore from peak valuations across TCS, Infosys, and peers.