Latest reports from Indian newspapers suggest that the party may be coming to an end for Indian software developers whose rise has corresponded with a steady decline in fortunes for American programmers.
India’s leading daily The Times of India reports that Satyam Computers could fire up to 4,500 employees, about 9% of the company’s 51,000 employees.
With Lehman Brothers filing for bankruptcy, the fate of its information technology division in India, which is reportedly 1000 people strong, remains uncertain.
Bank of America’s acquisition ofÂ Merrill Lynch is another blow to both Merrill’s direct IT staff as well as programmers working on Merrill projects at companies like Satyam and Tata Consultancy Services.
Not surprisingly, shares of major Indian IT companies fell sharply in Mumbai today.
According to Bloomberg,Â Satyam declined 9.5% to 368.5 Rs, TCS fell 5.9% to 762.8 Rs; Infosys fell 4% to 1,578.15 RsÂ and Wipro Ltd fell 3.8% to 403.9 Rs.