The Indian IT sector, once the shining beam of India Inc., has taken a back seat in recent past. The sluggishness is not just limited to the balance sheet, but also in its performance at the indices as well.
Freshers Stalled From Joining
In a recent development indicating a certain kind of decline in tune with a decline in performance, according to recent reports, major Indian IT companies have stalled the joining of many freshers into their companies.
As many as 10,000 fresh-of-the-block aspiring techies have been kept waiting by these companies.
The companies that have failed to onboard these young professionals include the likes of TCS, Infosys, Wipro, and LTIMindtree. It is to be noted that these are individuals who were hired through the process of campus selection.
This information was thrown open, according to the data set created by the Nascent Information Technology Employees Senate (NITES). NITES is a Non Profit Organization working extensively for the protection of benefits, welfare and rights of IT professionals.
According to NITES, Wipro tops the list of companies delaying the professional start of careers. Wipro has as many as 4000 freshers waiting in line. Tata Consultancy Services or TCS, comes in second with 3,100 freshers. TCS is followed by another major Bengaluru-based entity, Infosys, with 2,800 freshers. In addition, LTIMindtree has 1,800, waiting in the wings.
According to NITES, Wipro tops the list of companies delaying the professional start of careers. Wipro has as many as 4000 freshers waiting in line. | Representative Image
Shares of IT Companies Slump
NITES has enlisted the remuneration of the bosses of these IT companies. The head of Wipro, Thierry Delaporte, earns Rs 166 crore.
Infosys's Salil Parekh earns Rs 66 crore. TCS's Krithivasan bags a paycheck of Rs 25.20 crore. Debashis Chatterjee of LTIMindtree earns Rs 19.34 crore.
Interestingly, IT stocks are trading in red. At the end of the day's trade on Friday, June 14, Infosys closed 0.36 per cent or Rs 5.45, lower at Rs 1,488.50.
TCS was down to Rs 3,833.00 per share, after declining 1.16 per cent or Rs 45.15. Bengaluru-based Wipro dropped by 1.13 per cent or Rs 5.45 closing at Rs 477.15. LTIMindtree also ended the day's trade in red at Rs 5,025.60, declining by 0.43 per cent or Rs 21.60.
