HCL Layoffs 350 Employees

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Indian IT giant HCL Technologies has laid off 350 employees as the information technology industry in Indian braces against strong headwinds amid growing concerns about global inflation.

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The software behemoth has laid off 350 people involved in Microsoft’s news related product MSN, Moneycontrol reported on Tuesday.

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These people were working in India, the Philippines, and Guatemala, among other locations.

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This development comes days after HCL Technologies dethroned Wipro to become the third largest IT company in India in terms of market capitalization

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Despite this, experts believe that the company might face volatility on the Dalal Street in the times to come.

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Pavitraa Shetty, co-founder, and trainer at Tips2Trades believes that this is because of weak global economic cues.

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She told Business Today, “HCL Technologies has seen severe selling in recent times despite robust fundamentals mainly due to globally weaker sentiment in the IT sector.”

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The rising concerns of global inflation have also spelled trouble for other Indian IT giants like TCS, Wipro, and Infosys as well.

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These companies are facing margin pressures due to the increase in costs.

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