Sensex Drops 2.9 Per Cent

MUMBAI — India’s benchmark stock index fell, led by software exporters, after a newspaper reported Infosys Technologies Ltd. will freeze hiring in the next fiscal year.

By (Bloomberg)

Published: Sun 7 Dec 2008, 12:24 AM

Last updated: Sun 5 Apr 2015, 11:20 AM

Infosys, the nation’s second-largest software developer, dropped 4.9 per cent, the most in three weeks. Tata Consultancy Services Ltd., the country’s largest software-services developer, fell 5 per cent, its lowest in almost two weeks.

India’s benchmark Bombay Stock Exchange Sensitive Index, or Sensex, fell 264.55, or 2.9 per cent, to 8,965.20. The index declined 1.4 per cent this week.

The S&P CNX Nifty Index on the National Stock Exchange fell 73.60, or 2.6 per cent, to 2,714.40. The BSE 200 Index slid 2.4 per cent to 1,055.85. Nifty futures for December delivery fell 2.9 per cent to 2,716.

Infosys will freeze recruitment in the fiscal year beginning April, the Financial Express newspaper reported, citing S. Gopalakrishnan, chief executive officer at Infosys.

So far this year, Infosys has hired 16,000-17,000 people, taking its employee strength to more than 100,000. In terms of workforce, Infosys is second only to Tata Consultancy, which had almost 121,000 employees at the end of the second quarter.

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