Tech Mahindra Limited moved to publicly deny reports circulating on social media alleging plans for large-scale layoffs impacting as many as 30,000 employees. The clarification came in a filing to the stock exchanges on Tuesday, March 10, 2026, stating that “no such proposal is under consideration” and dismissing the rumors as unfounded.
The speculation, which gained traction on platforms like X, suggested a significant reduction in the IT services firm’s workforce, with some posts linking the potential cuts to the increasing adoption of artificial intelligence or broader geopolitical factors. One post specifically questioned whether the layoffs were “the impact of AI or the ripple effect of the Iran war?”
While denying a large-scale reduction, Tech Mahindra’s most recent quarterly results, released prior to the circulating rumors, did indicate a decrease in overall headcount. The company reported a total of 149,616 employees as of the finish of the third quarter, a reduction of 872 employees from the previous quarter. Mohit Joshi, CEO & MD of Tech Mahindra, attributed this decline to increased efficiency gains stemming from a greater proportion of fixed-price contracts.
“Two or three per cent drop in headcount is not a big number,” Joshi stated following the release of the quarterly results. “I think we are quite clear that we see our fixed-price programs as one huge area where People can drive a lot of efficiency.” He also indicated that the company anticipates a slower pace of fresh graduate hiring in fiscal year 2026 compared to the 6,000 freshers onboarded in fiscal year 2025, citing the current demand environment.
Shares of Tech Mahindra closed at 1,336.30 INR on the National Stock Exchange of India on March 9, 2026, a slight increase of 4.60 INR, or 0.35 percent, from the previous close. The company’s stock has experienced significant volatility in recent periods, with a year-to-date decline of approximately 16 percent, according to data from Yahoo Finance. The company’s market capitalization currently stands at 1.184T INR.
Tech Mahindra Limited provides information technology services and solutions globally, operating through Information Technology Business and Business Process Services segments. Services offered include application development, cloud consulting, cybersecurity, and business process outsourcing. The company has not issued further comment beyond its initial denial of the layoff reports.
