Wipro to Buy Back Up to $1.6 Billion in Shares After Stock Drops

Wipro Ltd. plans to buy as much as 150 billion rupees ($1.6 billion) of its shares, seeking to return funds to investors and take advantage of a decline in its stock price.

The company’s board authorized a repurchase at 250 rupees a share, according to a statement from the information technology services provider Thursday. The buyback program is Bangalore-based Wipro’s first in three years.