Virtusa (India) has fired 300 employees in a single day. Among them 200 belong to Hyderabad itself. The main reason is reported to be heavy losses.
Virtusa was established in 1996 and is headquartered at Massachusetts, America. It has offices in America, Canada, Europe, Asia. It has its key centres at Colombo, Hyderabad. It is offering IT Consulting, Technology and Outsourcing services to more than 2000 companies.
Two years ago British Telecom signed 200 Million dollars project with Virtusa. But this company has stopped payments for a long time. Virtusa lost 80 Million Dollars in this deal. At the same time P & H, Supply, Domain ..etc projects were also lost by it. Owing to all these it is observed that Virtusa is under severe losses.
Usually when ever Companies decide on firing, they give pink slips on Fridays and convey their employees not to come from the next Monday. But Virtusa didn’t offer Pink slips this time. It prepared the employees list to be fired before hand and called them on Monday. They offered the month’s salary and a termination letter. Employees were dumbstruck with this act.
Virtusa has 3 brances in Hyderabad at Begumpet and Hitech City. It is heard that most of the employees are fired from its Begumpet’s branch. It has to be recollected that the same company has fired 80 trainee employees in 2005.
This firing news started tremors among software engineers in other companies too.
This is original version of the newspaper article.
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