Business | General
Satyam may dismiss more than 10,000 workers
Outsourcing company Satyam may lay off more than 10,000 employees next month, a recruitment firm said.
- WAM
- Published: 09:20 January 11, 2009
New Delhi: Outsourcing company Satyam may lay off more than 10,000 employees next month, a recruitment firm said.
"It is most likely that Satyam will cut 10,000 jobs next month as the company is left with no cash to pay the salaries," Headhunters India CEO Kris Lakshmikanth said.
Satyam's founder and former chairman, B. Ramalinga Raju, has been arrested for accounting fraud. Raju had said the company had taken care of salaries for December. Satyam employs 53,000 people.
The Satyam stock has now fallen over 90 per cent in the past four weeks as investor confidence in the company slumped.
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