Wipro and Rubrik Launch Enterprise Resilience as a Service to Deliver Continuous Cyber Resilience

Indian IT stocks fell for a fifth straight bearish day on Feb 24, with the Nifty IT index down about 3% to 30,721 and roughly 20% lower over the past month. Jefferies downgraded six Indian IT companies, citing AI-driven shifts in business mix. Infosys was cut to HOLD with a target of Rs 1,290 (from Rs 1,880), and TCS to Underperform with a target of Rs 2,350 (from Rs 3,485).

NSE said BSE will replace Wipro in the Nifty 50 effective after Sept. 30, following NSE’s semi-annual index review. NSE cited BSE’s six-month average free-float market cap meeting the 1.5x threshold versus Wipro. BSE shares are up about 37% YTD in 2026, while Wipro is down about 29.5%.

Rubrik shares rose about 8.7% on Monday, helped by a sector rally in cybersecurity after Black Hat USA concluded last week. BTIG analyst Gray Powell raised his Rubrik price target to $109 from $91 and kept a buy rating, citing growing concerns about AI agents. The move followed broader analyst target increases across the sector.

Meta reduced IT outsourcing work with Wipro by at least 25%, cutting Wipro’s expected annual revenue from the account to about $75 million from roughly $100 million in fiscal 2026, according to Investing.com citing two sources. The change follows Meta’s AI-driven closure of its digital marketing division, ending related vendor work. Concentrix, Teleperformance, and Accenture were also affected, per Mint.

According to Mint, Meta Platforms reduced by at least 25% the IT services it outsources to Wipro after an AI-led reorganization that closed its digital marketing division. Mint cites two sources saying Wipro expects about $75 million in annual revenue from Meta, down from about $100 million in fiscal 2026. Concentrix, Teleperformance and Accenture were also affected.

Meta reduced its outsourcing spend with Wipro by $25 million annually, bringing the deal to $75 million from $100 million, after Meta shut its digital marketing arm and emphasized AI. The article says Wipro also lost up to $100 million in annual revenue from Estee Lauder shifting work to Accenture. It notes reassignment for some Gurugram staff and mentions Wipro revenue expectations and a 31% stock decline since January.