Tue Dec 03 15:00:23 UTC 2024: ## Wipro Share Price Plunges 50% After Bonus Issue; Reliance Target High
**MUMBAI, INDIA** – Wipro’s share price plummeted by approximately 50% on Tuesday, falling below ₹300, following the company’s announcement of a 1:1 bonus share issue. The ex-date for the bonus shares, meaning the date after which buyers will not receive the bonus shares, caused the dramatic drop, with the share price settling at ₹291.90. This is a common occurrence; when a company issues bonus shares, the market value of each share adjusts proportionally downwards. While investors receive more shares, their overall financial benefit remains unchanged. This is similar to a stock split.
This is not the first time Wipro has issued bonus shares. The IT giant has declared at least three bonus issues in the last 15 years, including a 1:3 bonus issue in 2019 and 1:1 issues in 2017, 2005, and 2004. The company also undertook a share buyback last year.
In contrast, positive news surrounds Reliance. Brokerage firms are predicting significant gains for Reliance shares, with future positions reaching 18-year highs. Specific target prices were not mentioned in the source material.
**Disclaimer:** This news report provides information on market fluctuations and does not constitute investment advice. Equity markets involve inherent risk, and investment decisions should be made with caution and after consulting with financial experts.
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