How did Narayana Murthy’s Infosys, which demanded 72 hours of work, fall out of the top 10?

Infosys Chairman NR Narayana Murthy often gets trolled because of his statements. Many memes are made on Narayana Murthy who advocated working for 72 hours a week. Now the same Narayana Murthy’s company Infosys has been out of the top-10 list of India’s most valued companies. At the same time, Tata Consultancy Services (TCS), which was the second most valued company till a few years ago, has now reached the sixth position. There have been massive layoffs in these companies in the last few years and due to the advent of Artificial Intelligence (AI), the companies have also suffered losses.

Top tech companies operating in India such as TCS, Infosys, Tech Mahindra and Wipro are under immense pressure these days. The ongoing crisis in Western Asia and AI have had a bad impact on these companies. Due to the advent of AI, this sector has been affected and its impact is also being seen on the work and budget received by the companies. This is the reason why these companies have been forced to change their working methods.

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A report by ICICI Direct says that in the coming few years, there may be a negative impact of about 2-3 percent on the revenue of I Services every year. Due to this, these companies are having to change their way of working and are forced to make AI based deals.

What happened with Infosys and TCS?

When Infosys ended its session on Monday, its total value was Rs 4.7 lakh crore and it had reached 11th position in terms of value in the list of Indian companies. Whereas, LIC was at number 10 and its market cap was Rs 5.2 lakh crore. The market cap of TCS, which was once among the top 3 companies of India, is now Rs 8.9 lakh crore and is at number six.

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This has also caused loss to those people investing in the stock market, who considered investing in tech companies safe for a long time. This year alone, the market value of Infosys has decreased by Rs 2 lakh crore. Last Friday, as soon as the financial condition of the company became public, the share price of Infosys fell by 7 percent.