Nearly two months before being appointed as the CEO of Wipro, Srinivas Pallia sold shares of the company worth over Rs 5 crore.
According to media reports, the Wipro veteran sold as many as 1,00,000 Wipro shares through “market sale” on February 14.
“Pallia was one of the successors of Delaporte and when Rishad Premji said earlier this year that the board fully supports the incumbent CEO, prompting Pallia to sell the shares,” Moneycontrol quoted a source as saying. According to the source, the comments by Premji may have led to Pallia thinking that he wouldn't be moving further up in the company and might have to look for opportunities outside the company.
Wipro is yet to comment on the sale of shares by Pallia as it is in silent period ahead of the release of its quarterly and annual results.
Pallia had, after taking over as the company CEO, in a post on LinkedIn, stated that he looks forward to working with 2,40,000 "Wiproites" and taking the "iconic" company to the next phase of growth.
On Monday, Wipro delcined over 2.25 per cent to close at Rs 449. In the past five days, shares of the company declined over 7 per cent.
