TCS Asks Managers to Place 5% of Staff in Band D, Sparking Fresh Layoff Fears

The Indian IT services sector is bracing for potential workforce optimization as Tata Consultancy Services (TCS) reportedly instructed its managers to classify 5% of their team members under the lowest performance category, Band D. This internal directive has stoked widespread fears of fresh layoffs among employees, especially coming shortly after the company's recent retrenchment exercise that let go of around 2% of its workforce. On the broader economic front, Oil Marketing Companies (OMCs) are facing severe under-recoveries, currently standing at Rs 750 crore per day, due to soaring global crude oil prices. The government has explicitly stated that a bailout package or immediate relief for these energy companies is not currently on the table, raising concerns about potential impacts on domestic fuel retail prices in the coming weeks.