Tech Mahindra has denied speculation about a possible major workforce reduction, stating that no proposal to cut jobs is currently under consideration.
In a clarification issued to stock exchanges, the IT services company said it had received calls and noticed several social media posts suggesting that the company was planning a significant reduction in headcount. The company said it considered it necessary to address the speculation directly.
“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 clear the uncertainty, the company firmly rejected the claims and clarified that no such plan is being evaluated internally.
“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.
Tech Mahindra also reiterated that it remains fully compliant with regulatory disclosure requirements applicable to listed companies.
“The Company has complied with and continues to comply with the relevant disclosure norms under the SEBI Listing Regulations,” the company added.
The clarification follows the circulation of online speculation suggesting potential layoffs at the company. The rumours had triggered questions from stakeholders and market participants, prompting the firm to issue an official response.
With the statement, Tech Mahindra sought to reassure investors, employees and the broader market that there is currently no plan being considered for a large-scale workforce reduction.
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