HCL Layoffs 350 Employees
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.
The software behemoth has laid off 350 people involved in Microsoft’s news related product MSN, Moneycontrol reported on Tuesday.
These people were working in India, the Philippines, and Guatemala, among other locations.
This development comes days after HCL Technologies dethroned Wipro to become the third largest IT company in India in terms of market capitalization
Despite this, experts believe that the company might face volatility on the Dalal Street in the times to come.
Pavitraa Shetty, co-founder, and trainer at Tips2Trades believes that this is because of weak global economic cues.
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.”
The rising concerns of global inflation have also spelled trouble for other Indian IT giants like TCS, Wipro, and Infosys as well.
These companies are facing margin pressures due to the increase in costs.