Shares of Wipro Ltd extended their losing streak in Wednesday's session, falling 0.71 per cent to hit a fresh 52-week low of Rs 180.45. The decline comes a day ahead of the opening of the IT firm's Rs 15,000-crore share buyback programme, which is scheduled to commence on June 11 and conclude on June 17, 2026.

Under the buyback, eligible shareholders can tender their shares at Rs 250 apiece. The company intends to repurchase up to 60 crore fully paid-up equity shares.

Here's what retail investors should know:

Market veteran Arun Kejriwal said, "Assuming you bought 1,000 shares at an average cost of Rs 202 and 197 shares are accepted in the buyback, you would earn a profit of Rs 48 per share on the accepted portion, translating into a gain of Rs 9,456. However, the actual acquisition cost of the remaining 803 shares would continue to remain Rs 202 per share. If the Rs 9,456 gain from the accepted shares is notionally spread across the remaining 803 shares, it works out to about Rs 11.77 per share, implying an effective holding cost of around Rs 190 per share versus the current market price of about Rs 181. Given the acceptance ratio and the relatively small gain on the tendered shares, the trade does not offer a meaningful arbitrage opportunity for investors who purchased the stock recently."

He added, "The stock was trading around Rs 260-270 at the beginning of the year. Investors who bought at those levels would be tendering shares at a buyback price of Rs 250, which is below their acquisition cost. In that scenario, there would be no profit on the accepted shares, making the buyback even less attractive from an arbitrage perspective."

On the other hand, HDFC Securities stated, "We recommend a tactical 'Buy' for retail investors looking to optimise short-term capital allocation by participating in the upcoming offer."

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, also suggested that retail investors can participate in the buyback.

From a technical standpoint, Ravi Singh, Chief Research Officer at Master Capital Services, noted, "Wipro has witnessed a sharp breakdown after failing to sustain above the Rs 190-194 support zone. Immediate support is placed near Rs 175, while resistance is now seen around Rs 188–190. Unless Wipro reclaims these levels quickly, weakness may continue."

He advised traders to remain cautious as momentum indicators also favour bears currently. "The stock is likely to face selling pressure with downside targets of Rs 160 if it slips below Rs 175. At the price of Rs 160, investors can look for a fresh buy opportunity," Singh further said.