Narayana Murthy's Infosys loses Rs 52697 crore amid layoffs row due to...

Narayana Murthy's Infosys has been on the receiving end since it laid off over 300 freshers last month. They underwent foundational training at its Mysuru campus but could not clear internal assessments. However, the IT major reportedly got a chit from the Karnataka Labour department in the case on Thursday. But the company suffered a major loss in the market cap this week after its shares reduced by 5.45 per cent. The valuation of Infosys tanked Rs 52,697.93 crore to Rs 7,01,002.22 crore. The share price of the company closed at Rs 1,693 on Friday. Despite a loss in its market cap, the company is still among the top-10 most valued firms. Infosys is still India's second-largest IT services company.

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Moreover, mcap of eight of the top-10 most valued firms, including Infosys, eroded by Rs 3 lakh crore during the same period. Tata Consultancy Services (TCS) took the biggest hit in line with bearish trend in equities. Last week, the BSE benchmark gauge Sensex tanked 2,112.96 points or 2.80 per cent, and the NSE Nifty tumbled 671.2 points or 2.94 per cent. In February alone, the Nifty dropped 1,383.7 points or 5.88 per cent. The Sensex lost 4,302.47 points or 5.55 per cent. Reliance Industries of Mukesh Ambani remained the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Bajaj Finance, Hindustan Unilever and ITC.

Infosys layoffs

Infosys laid off over 300 freshers who underwent foundational training at its Mysuru campus but could not clear internal assessments after three consecutive attempts. The company emphasised that performance evaluations are a standard part of its training program, which is globally recognized for its quality. It reiterated its commitment to maintaining high employee standards and highlighted its policies on assessments, outplacement services, and severance pay.

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