Mumbai: India's leading software services firm Tata Consultancy Services Limited TCS is laying off 500 of its employees due to poor performance.
In the quarter ended Dec 31, TCS appointed 4,037 employees, taking its total headcount to one lakh eight thousand two hundred and twenty nine up from 83 three and a half thousand a year ago.
The export-driven software services companies have been winning large outsourcing contracts from western clients, but recession fears in the US and a rising rupee against the dollar has considerably affected their profit margins in the recent past.
"Those who cannot meet the performance requirements of our company were asked to look for another job commensurate with their abilities," TCS spokesman Pradipta Bagchi told IANS.
In the quarter ending on December 31, TCS appointed 4,037 employees, taking its total headcount to 108,229, up from 83,500 a year ago.
With IANS inputs