IT major Infosys is laying off more than 10,000 of its executives (mid level as well as senior level).
On Tuesday, the company’s shares had fallen by 1.86 per cent (to Rs. 695.80) on the BSE.
According to a PTI report, last week, US-based Cognizant had announced plans to reduce 7,000 jobs. The job cuts, which will happen over the next few months, is a part of cost-reduction efforts.
However, Cognizant did not specify the locations where the jobs will be affected.
The coming quarters will see the removal of around 12, 000 mid-to-senior level associates from their current positions. This includes a net reduction of as many as 7,000 roles and redeployment of almost 5,000 of the total number of associates impacted.
The impact of these layoffs is expected to be quite significant in India because the country accounts for the biggest share of Cognizant’s staff.
Moreover, the company’s decision to exit a subset of its content operations business will impact another 6,000 roles.
Both Infosys and Cognizant seem to be laying off employees in a similar ‘targeted’ fashion.