Wipro declines over 2% on report of likely sale of enemy shares by govt

The report said state-owned companies LIC, New India Assurance and GIC are likely to have bought those enemy shares of Wipro.

Wipro shares declined 2.5 percent in morning trade on April 4 after a media report indicated that the government is likely to have sold enemy shares in the company.

Enemy shares refer to assets left behind by people who migrated to Pak or China and are no longer Indian citizens.

The stock lost more than 5 percent in last one month. At 10:32 hours IST, it was quoting at Rs 258, down Rs 3.50, or 1.34 percent, on the BSE.

In the opening, about 3.86 crore equity shares (representing 0.6 percent of total paid-up equity) of the company traded via block deal on BSE, reported CNBC-TV18.

The report said state-owned companies LIC, New India Assurance and GIC are likely to have bought those enemy shares of Wipro.In November 2018, Cabinet gave its approval to Department of Investment and Public Asset Management (DIPAM) to sell enemy shares in companies.

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