TCS layoff, July 28 -- A trend majorly seen in large global IT tech giants like Meta, Google and Microsoft, has spread to India too, as domestic IT bellwether Tata Consultancy Services (TCS) has announced plans to hand pink slips to almost 2% of the workforce.

TCS layoff, expected to impact 12,261 employees, will largely target those belonging to middle and senior grades. In response to the news, not only just TCS share price tumble, but its ripple effects were seen on other IT companies as well. Wipro, HCL Technologies and Infosys too felt the impact, declining up to 2% - sending the Nifty IT pack down over 1%.

The IT stocks have been out of favour for some time now, given global macro uncertainty and geopolitical tensions are weighing...