TCS, Infosys, Tech Mahindra: Large-cap IT stocks decline as layoff news dents sentiment

Last seen, the NIFTY IT index was trading at 35,405.35 levels, down 0.61%. Out of 10 components, six were trading in the red.

The top losers were the Tier-1 IT names such as TCS, Infosys, Wipro, LTIMindtree, HCLTech, and Tech Mahindra.

Shares of TCS were trading 1.27% lower at ₹3,095.90 apiece on the NSE, a day after the company said it was set to lay off about 2%, or 12,261 employees, of its global workforce this year, with the majority of those impacted belonging to middle and senior grades.

As of June 30, 2025, TCS's workforce stood at 6,13,069. It increased its workforce by 5,000 employees in the recently concluded April-June quarter.

The move is part of the company's broader strategy to become a "future-ready organisation," focusing on investments in technology, AI deployment, market expansion, and workforce realignment, TCS said in a statement.

"TCS is on a journey to become a future-ready organisation. This includes strategic initiatives on multiple fronts, including investing in new-tech areas, entering new markets, deploying AI at scale for our clients and ourselves, deepening our partnerships, creating next-gen infrastructure, and realigning our workforce model.

"Towards this, a number of reskilling and redeployment initiatives have been underway. As part of this journey, we will also be releasing associates from the organisation whose deployment may not be feasible. This will impact about 2% of our global workforce, primarily in the middle and the senior grades, over the course of the year," it said.

TCS will provide appropriate benefits, outplacement, counselling, and support to the impacted employees, it added.