Wipro faces significant headwinds in competitive IT services market.

Wipro faces significant headwinds in competitive IT services market. The Bengaluru-based tech company is set to lose up to $100 million in annual revenue as cosmetics giant Estée Lauder shifts IT operations to Accenture under a major enterprise services deal. This represents approximately 1% of Wipro's total revenue and marks another blow to the company's growth trajectory. The contract, originally won by Wipro in February 2021 for $500 million over five years, is being transitioned to Accenture, which will now handle critical functions including finance, database management, and backend operations. The shift underscores intensifying competition in outsourcing as major service providers race to develop generative AI capabilities.