Tech Mahindra denies rumours of major layoffs, says no proposal under consideration

Tech Mahindra on Monday denied speculation about a significant reduction in its workforce, saying there is no proposal under consideration to cut jobs.

In a clarification issued to the exchanges, the IT services company said it had received calls and observed social media posts referring to a potential large-scale reduction in headcount. The company said it felt it was necessary to address the speculation.

“The Company has received calls and has noted certain social media posts regarding a market rumour of a potential significant reduction in headcount,” Tech Mahindra said in its statement.


Seeking to put the speculation to rest, the company categorically denied that any such plan was being considered.

“In view of the above speculation, the Company on its own accord considers it necessary to clarify to the Stock Exchanges that no such proposal is under consideration and categorically denies any such market rumours,” the statement said.

The company also reiterated that it continues to comply with the disclosure requirements prescribed for listed firms.

“The Company has complied with and continues to comply with the relevant disclosure norms under the SEBI Listing Regulations,” it added.

The clarification comes after speculation circulated online about potential layoffs at the company, prompting queries from stakeholders and market participants.