Tech Mahindra's 30,000 layoff claims go viral, company calls it false

Tech Mahindra Ltd. has officially addressed and dismissed widespread claims regarding potential layoffs affecting over 30,000 employees, labeling the rumors as unfounded. In a recent filing with the stock exchanges on March 9, the company emphasized that it is not contemplating any significant workforce reductions. The statement from Tech Mahindra pointed to various social media posts that have circulated misleading information about impending layoffs. The company firmly stated, "We find it necessary to clarify to the Stock Exchanges that no such proposal is under consideration and categorically denies any such market rumors." This announcement comes in response to alarming posts on platforms like X (formerly Twitter), which suggested that the company could be drastically reducing its workforce due to a transition towards increased integration of Artificial Intelligence (AI) in its operations. However, Tech Mahindra reassured stakeholders that there are no plans for such job cuts at this time, maintaining a global workforce of approximately 150,000 employees. Additionally, the company indicated that it is optimizing efficiency in fixed-price projects by reallocating personnel to new initiatives, rather than reducing staff. This clarification is particularly relevant as the tech industry has recently seen significant layoffs, with firms like Morgan Stanley announcing about 2,500 job cuts and Jack Dorsey’s Block reducing its workforce by over 4,000. Amazon has also executed its second major layoff round within two months, impacting nearly 15,000 jobs. As fears surrounding tech layoffs continue to grow, the rapid spread of rumors on social media has prompted companies like Tech Mahindra to proactively clarify their employment strategies and reassure their employees and investors.