Mumbai, November 5: Tech giant Infosys is reportedly laying off over 2,200 of its employees in the associate and the mid-level positions. According to a Times of India report, the layoff will include senior executives in the ranks of assistant vice presidents, vice presidents, senior vice presidents and executive vice presidents numbering close to 50.
The tech giant will slash around 10 percent of the workforce in the JL6 band (job level 6), an internal job code for senior managers. Infosys has over 30,000 employees in its JL6, JL7 and JL8 bands. The stock was trading at Rs 695, down 2 percent towards the end of the market closing time. Infosys Stocks Up 4% After Its Update on Whistleblower's Complaints, Tech Giant Says 'No Prima-Facie Evidence to Corroborate Allegations'.
Infosys on Monday informed that the company is yet to receive any strong evidence to corroborate whistleblower complaints against top executives. Post the announcement, the stock cheered the news and rose almost 6 percent in early trades.
Last month shares of Infosys nosedived 15 per cent, making it the biggest fall in over six years after anonymous whistleblowers accused the Chief Operating Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of "unethical practices". The anonymous group, who identified themselves as ‘Ethical Employees’, in a letter dated September 20, alleged that Infosys’ management was taking “unethical” steps to raise short-term revenue and profit.