Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> is the second richest man in India who resigned as the chairman of the country's fourth-largest software company — <keyword id="10862" type="COMPANY" weightage="20" keywordseo="Wipro">Wipro</keyword>. </li><li>Premji, who is popularly known as the Czar of the Indian IT industry decided to retire by the end of July. </li></ul>At the age of 73, India’s second richest man, Azim Premji, with a net worth of $22 billion has decided to move on from Wipro. Premji will remain the firm's non-executive director for five years until July 2024. He is one of the pioneers of the multi-billion dollar Indian IT industry. He spearheaded Wipro for 53 years after his return from the Stanford University in 1966, at the age of 21. He transformed a small hydrogenated cooking fat firm into a $8.5 billion global IT powerhouse. All this while, he lead the transformation of his non-IT arm Wipro Enterprises into a global FMCG (fast moving consumer goods), infrastructure engineering and medical devices leader with a revenue of $2 billion in 2018-19. Premji dropped out of Stanford University to handle the business after his father’s death. However, he did return to Stanford 34 years later, to complete his graduation in electrical engineering. Here’s a look at Azim Premji’s salaries and net worth in the last 10 years 
	
	
	<div type="Slideshow" msid="70340117" hostid="261" title="A look at Azim Premji’s salary over the years and net worth shows the Wipro founder is India’s most generous billionaireA look at Azim Premji’s salary over the years and net worth shows the Wipro founder is India’s most generous billionaire" firstImageMsid="70340261" slideCount="10"></div>

A look at Azim Premji’s salary and donations over the years shows the Wipro founder is India’s most generous billionaire

<ul><li><keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> founder <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> had earlier in June announced his resignation from his post of executive chairman and Managing Director. </li><li>Premji said that Digital, Cloud, Engineering Services and <keyword id="137092" type="PERSON" weightage="20" keywordseo="cyber-security">Cyber Security</keyword> would be areas of big investments for Wipro. </li><li>He also added that the operating margins of the company had improved by 1.8%. </li></ul>Wipro Chairman Azim Premji attended his last annual general meeting and addressed its employees and shareholders. Premji mentioned that Digital, Cloud, Engineering Services and Cyber Security are going to be the four big areas of investments for the company. “To lead in this time of rapid change, we have sharpened our strategy into four pillars based on what our clients need i.e. Business Re-imagination, Engineering Transformation and Modernization, Connected Intelligence, and Trust. In order to build capabilities that are needed to deliver these strategies, we have been investing significantly in four areas - Digital, Cloud, Engineering Services and Cyber Security,” he said according to <a href="https://www.moneycontrol.com/news/business/full-text-azim-premjis-address-at-wipros-73rd-agm-4212621.html">reports</a>. He also addressed that technology in terms of going digital and artificial intelligence is the need of the hour and that employees at Wipro have been reskilled to do so. The company which is in its 75th year, had organised its 73rd AGM. Azim Premji, founder of Wipro, had resigned from his post of executive chairman and Managing Director. His son Rishad Premji, who is currently on the board of Wipro and its Chief Strategy Officer, will be taking over as executive chairman. Premji Senior will continue to be on the board of the company. He had served as the executive chairman of the IT giant for a long period of 53 years. Premji also gave stock of the company’s financial reports during his speech. He said that the operating margins of the company had improved by 1.8%. “On a full year basis, we grew 5.4 percent in constant currency. Two of the business units - BFSI and CBU grew by 16 percent and 10 percent respectively. Our digital revenues grew by 33 percent YoY in constant currency. We won our largest ever deal of $1.5bn from Alight in US,” he <a href="https://www.moneycontrol.com/news/business/full-text-azim-premjis-address-at-wipros-73rd-agm-4212621.html">said.</a>

Azim Premji announces four technologies that Wipro will focus on as he bid adieu

New Delhi, Jan 31 () IT services major <keyword id="10862" type="COMPANY" weightage="20" keywordseo="Wipro">Wipro</keyword> on Friday said its CEO and Managing Director <keyword id="8574100" type="PERSON" weightage="20" keywordseo="abidali">Abidali</keyword> Z <keyword id="296498" type="PERSON" weightage="20" keywordseo="Neemuchwala">Neemuchwala</keyword> has decided to step down from the company. Neemuchwala, 52, will continue to hold the office of the CEO and Managing Director, until a successor is appointed for a smooth transition and to ensure that business continues as usual, the company said in a BSE filing. "...Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments," the BSE filing said. The Board of Directors has also initiated a search to identify the next Chief Executive Officer, it added. "We thank Neemuchwala for his leadership and his contributions to the Wipro. Over the last four years, he helped build a strong execution mindset, drove key acquisitions and scaled our Digital business globally," Wipro Chairman Rishad Premji said. Neemuchwala said the company has made considerable progress in its transformation journey, improved its delivery engine and institutionalised deeper client centricity. "lt has been my honour and privilege to serve Wipro, a company with a rich legacy of almost 75 years...I thank <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, Rishad, our Board of Directors, my Wipro colleagues and customers for their support over the years," he added. SR AMS

Wipro CEO Abidali Neemuchwala resigns, board starts search for successor

<ul><li>The stock has lost nearly half its value and overall profits have declined. </li><li>The prospects for the future are still cloudy due to reliance on banking, financial services, and insurance. </li><li>These are the five charts and a table on how the company has fared under <keyword id="296498" type="PERSON" weightage="20" keywordseo="Neemuchwala">Neemuchwala</keyword>’s leadership</li></ul>Six months after <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>’s iconic leader <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> stepped down, its Chief Executive Officer (CEO) Abidali Z Neemuchwala has resigned from the company citing family commitments, nearly 4 years after he took the corner office. Wipro tried to cushion the blow by announcing that Neemuchwala will stay on until a successor is found. Yet, the stock went down 2% in the morning trade⁠— the total fall since the senior Premji stepped down is now up to 10%. 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310332"></div>
]]></cdata></div>



 Wipro is ranked four among India’s tech titans In the last few years, Wipro has continued to lag behind peers like <keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs">TCS</keyword> and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> in terms of market value. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market capitalisation </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹799595.66 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹332656.48 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹163484.75 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134913.03 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹78585.71 crore </td></tr><tr><td colspan="2" style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">As of Jan 31, 2019; Source: Moneycontrol.com </td></tr></tbody></table> The leadership of Neemuchwala Neemuchwala spent 23 years in TCS but he was made the CEO of Wipro just 10 months after he joined -- to steer the company out of its hurdles. However, the former IIT Mumbai alumnus had reportedly little experience in <a href="http://neemuchwala">client facing roles</a>, which is crucial for a software exporter like Wipro. The profit after tax in the financial year ending March 2016 was nearly ₹10,600 crore, three years later it was lower by 7%. And, the prospects are not looking very good either. 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310729"></div>
]]></cdata></div>



 As recently as October 2019, global investment bank Morgan Stanley placed Wipro in the ‘underperform’ list, blaming the management. “The company management is uncertain of macro environment, and with growth lower than peers, Wipro should sustain lower P/E (price-earnings) multiple,” said<a href="https://economictimes.indiatimes.com/markets/stocks/news/foreign-brokerages-give-thumbs-down-to-wipro-post-q2-numbers/articleshow/71614624.cms?from=mdr"> Morgan Stanley.</a> The ‘price to earnings ratio’ measures its current share price relative to its earnings per-share (EPS). It is a way of the company. Higher the P/E ratio, more valuable the company. After the most-recent earnings for the three months ending December 2019, Neemuchwala hinted that the worst is behind for Wipro. “If you look at the portfolio, I do feel good that things that we had set out to both reengineer our portfolio and address Wipro-specific issues, as well as a lot of the investment in capability that we have been doing where we get the mind share and traction with customers with a very robust set of deal wins gives me confidence that those issues are behind us,” <a href="https://www.fool.com/earnings/call-transcripts/2020/01/14/wipro-limited-wit-q3-2020-earnings-call-transcript.aspx">Neemuchwala said in a call with analysts</a>. Not just Wipro, Indian IT has struggled as a whole The challenges, especially the reliance on banking, financial services, and insurance, are not unique to Wipro. Between Brexit, the US-China trade war, and a plethora of other challenges on the global scale, the growth in the BFSI segment has been volatile at best for most IT companies. 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310765"></div>
]]></cdata></div>



However, Wipro was lagging behind its peers on the recovery path at the end of December 2019. 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310754"></div>
]]></cdata></div>



The street was clearly not enthused. “The soft guidance for 4Q (Jan-March 2020) indicates that reaching industry-level growth is an uphill task. We reckon that growth will continue to lag peers ahead based on soft outlook on around 50% of rev comprising BFSI (banking, financial services, and insurance, Communications and Technology (hi-tech sub-segment),” said a report by HDFC securities. The incoming CEO after Neemuchwala has a tough task at hand to pick up a flailing business uphill in a tough business environment. That would also make it tougher for Chairman <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword> to find Neemuchwala’s replacement.

Abidwali Neemuchwala’s scorecard as Wipro’s CEO for four years

<ul><li><keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, executive Chairman and Managing Director of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, to retire by July. </li><li>His son <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword> will be taking over his post. </li><li>Azim Premji had been the executive chairman of the IT company for 53 years.</li></ul>Azim Premji, founder of Wipro, will be resigning from his post of executive chairman and Managing Director by July according to <a href="https://www.livemint.com/companies/people/azim-premji-to-retire-next-month-rishad-chairman-md-ceo-1559817362459.html">reports</a>. His son Rishad Premji, who is currently on the board of Wipro and its Chief Strategy Officer, will be taking over as executive chairman. Premji Senior will continue to be on the board of the company. He had served as the executive chairman of the IT giant for a long period of 53 years. Meanwhile, a statement from the company also states that Abidali Neemuchwala, who has been the CEO of the company since February 2016, will also be the managing director of the company. Azim Premji, who has been at the forefront of IT growth in India, is a graduate in Electrical Engineering from Stanford University. According to the company’s website, Premji is responsible for turning Wipro into a “$8.5 billion Revenue IT, BPO and R&amp;D Services organization with a presence in 58 countries.” Premji, who is also one of the biggest philanthropists in India, had founded the non-profit organization Azim Premji Foundation in 2001. In March, Premji also earmarked all of his economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. See Also: <a href="https://www.businessinsider.in/wipro-chairman-azim-premji-has-now-increased-his-charity-contribution-to-a-total-of-21-billion/articleshow/68395458.cms">Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro</a>

Wipro founder Azim Premji to retire, son Rishad to take over

<a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate" data-type="tilCustomLink">Snapdeal’s</a> three major investors- <a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate" data-type="tilCustomLink">SoftBank</a>, Nexus Venture Partners and Kalaari Capital- have already agreed for e-commerce’s sale out to<a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate" data-type="tilCustomLink"> Flipkart</a>. But, apart from these, a nod from <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> and <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> is also required as they too have stakes in <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>. <a href="https://www.bloomberg.com/news/articles/2017-05-16/flipkart-pact-for-snapdeal-said-to-need-premji-tata-approvals">Bloomberg</a> reported, as per the contract, Snapdeal needs backing from the two of India's most powerful businessmen. Nod from Premji, Tata and other several important investors is still awaited. “If due diligence goes smoothly, a term sheet specifying cash and stock for each shareholder will follow and a final agreement could be signed by mid- to late June,” Bloomberg quoted sources as saying. When the sale happens, Snapdeal's Kunal Bahl and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> will together receive about $30 million with a similar sum to be set aside for Snapdeal's nearly 2,000 employees. <keyword id="1397792" type="UNKNOWN" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, one of the two early investors in the startup, is to get $30 million, while Nexus will receive twice that amount for its larger stake, they said. Kalaari's managing director <keyword id="1397790" type="UNKNOWN" weightage="20" keywordseo="Vani-Kola">Vani Kola</keyword>, an early investor in Snapdeal, told Bloomberg that she has resigned from the startup's board. "I was done with what I needed to do,” Kola said, adding that she saw no conflict of interest. Meanwhile, this merger will give a boost to <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s battle against <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, which is pumping in money in its Indian arm to grab a significant share in the market. Flipkart raised $1.4 billion from Tencent Holdings Ltd., Microsoft Corp. and EBay Inc, taking its valuation at $11.6 billion. "This is a landmark deal for Flipkart and for India,” the company's co-founders <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> said in a statement. "This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.

Azim Premji, Ratan Tata’s nod also important for Flipkart-Snapdeal merger

After the recent organisational rejig in India’s third largest IT firm Wipro, <keyword id="2789712" type="UNKNOWN" weightage="20" keywordseo="Satishchandra-Doreswamy">Satishchandra Doreswamy</keyword>, the company’s chief business operations officer and former TCS veteran, has resigned from the company. According to the Economic Times, it was <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, the chairman of Wipro, who had appointed <keyword id="377524" type="PERSON" weightage="20" keywordseo="Doreswamy">Doreswamy</keyword> as the chief business operations officer in 2011 to help transform the company by putting together a team of engineers to leverage the technological platforms. The outcome of the organisational restructuring was the promotion of two top-ranking executives to the post of president. As per the ET report, some top executives in Wipro's service lines including Doreswamy, who were previously directly reporting to Kurien, were asked to report to the newly-appointed chief operating officer <keyword id="2067405" type="PERSON" weightage="20" keywordseo="Abid-Ali-Neemuchwala">Abid Ali Neemuchwala</keyword>. 

	However, the reason why Doreswamy quit the company is still unknown, but Wipro said that he had decided to leave the Bengaluru-headquarted IT firm to pursue other opportunities.
 "<keyword id="109615" type="CITY" weightage="20" keywordseo="Wipro-Ltd">Wipro Ltd</keyword> can confirm that Satishchandra Doreswamy has decided to move on to pursue opportunities outside of the company. We wish him the best for all his future endeavours and thank him for his contribution," a Wipro spokesperson told the ET. (Image: www.infotechlead.com)

More heads roll in Wipro, chief business operations officer Doreswamy quits

<keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword>, India's third largest software exporter, has said three of its 10 independent directors will leave the company in order to comply with the new regulations. The company will also appoint fresh faces. The New <keyword id="6390099" type="COMPANY" weightage="100" keywordseo="Companies-Act">Companies Act</keyword>, 2013, limits the tenure of an independent director to two successive periods of five years each. 
 <keyword id="2376568" type="UNKNOWN" weightage="100" keywordseo="BC-Prabhakar">BC Prabhakar</keyword> and <keyword id="96316" type="PERSON" weightage="100" keywordseo="Shyam-Saran">Shyam Saran</keyword> would not seek re-election during the company's annual general meeting to be held on July 23, while Henning Kagermann, the third independent director, will step down on June 30. 
 
"I wish to thank B C Prabhakar, Shyam Saran and Henning Kagermann for their invaluable contribution to Wipro over the years. The company has immensely benefited from their deep insights and vast experience. I wish them all success in their future endeavours," said Wipro chairman Azim Premji. 
 
Last month, Infosys, too, had announced two of its six independent board members - Jeffrey Sean Lehman and Omkar Goswami - would also step down. 
 
Prabhakar, a lawyer, has been on the board of Wipro since 1997. Saran, former special envoy to former prime minister Manmohan Singh, had joined the board in 2010. As per the company’s statement, Saran is leaving to pursue his personal interests.

Three Independent Directors To Resign From Wipro

<ul><li>The textiles and branded apparel major started firing employees as early as February, long before the COVID-19 lockdown struck.</li><li>While the spokesperson admitted to ‘cost cutting measures’, the company did not reveal the total number of employees retrenched. </li><li>The group debt was already too high and the slowing economy had choked the cash flow. </li><li>The stock has lost over 80% of its value since May 2019, and now the market value of the company is less than the gross debt at the end of December.</li></ul>One of India's biggest textiles and apparel maker <keyword id="6368261" type="COMPANY" weightage="20" keywordseo="raymond">Raymond</keyword> has fired hundreds of employees across the board. The layoffs began as early as February ⁠— the group debt was already too high and a slowing economy was squeezing the cash flow ⁠— and the COVID-19 crisis only made it worse, sources told Business Insider on the condition of anonymity. Not just that, for those who lost their jobs, many of them are complaining that they didn’t receive the promised severance pay. Just like Indiabulls, the story of Raymond layoffs caused a stir on social media, not on Twitter but on Reddit. A <a href="https://www.reddit.com/r/india/comments/gnhv8t/raymond_limited_is_firing_around_1100_employees/">blog post that went viral</a> alleged that 1,100 people have been asked to leave, which would account for about 15% of the workforce of the company, which had <a href="https://www.raymond.in/sites/default/files/Raymond_AR_Deluxe_2019.pdf">7,087 permanent employees at the end of March 2019</a>. However, sources close to the management told Business Insider that the total number of employees laid-off may not exceed 700. <div type="image" title="Raymond workforce" msid="75945571" hostid="261"></div> The count of 1,100 was corroborated by many employees Business Insider spoke to but the spokesperson for Raymond said that it was “incorrect” and “based on speculation”. Even while admitting to “cost cutting measures”, the company did not reveal the total layoffs so far. Firing employees during the lockdown is not unique to Raymond. Many companies like <a href="https://www.businessinsider.in/business/startups/news/ola-fired-1400-employees-as-revenue-is-hit-by-95-in-the-last-two-months/articleshow/75843656.cms">Ola</a>, <a href="https://www.businessinsider.in/business/startups/news/zomato-lays-off-13-of-its-workforce-announces-pay-cuts-for-all/articleshow/75756087.cms">Zomato</a>, and even <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-cuts-employee-salaries-by-up-to-50-freezes-bonuses-chairman-mukesh-ambani-will-forgo-full-compensation/articleshow/75470710.cms">Reliance Industries owned by Asia’s richest man Mukesh Ambani</a> have cited the COVID-19 crisis to reduce headcount or the employee salaries. In fact, Chairman Gautam Hari Singhania had even issued a video last month <a href="https://www.businessinsider.in/business/corporates/news/billionaire-gautam-singhania-hints-at-job-cuts-at-raymond-via-video-message/articleshow/75218522.cms">warning his employees of “tough decisions” that have to be taken</a>. However, the video was later taken ‘private’. <div type="image" title="screen shot" msid="75945686" hostid="261" caption="&amp;lt;p&amp;gt;Chairman Gautam Hari Singhania issued a video last month warning his employees of &amp;#8220;tough decisions&amp;#8221; that have to be taken.&amp;lt;/p&amp;gt;"></div> Thousands of people in India have lost their jobs despite<a href="https://www.businessinsider.in/india/news/modi-appeals-people-to-not-cut-the-pay-of-domestic-help-and-others-who-cant-come-to-work/articleshow/74716721.cms"> the call from Prime Minister Narendra Modi not to cut salaries of people they employ</a>. “Please understand that they too have to run their families and keep them healthy too,” Modi appealed in March. It’s not just because of COVID-19 crisis At least two people Business Insider spoke to were asked to leave as early as February 2020 long before the lockdown started on March 25. When asked to comment on the layoffs in February, the Raymond spokesperson said this was “completely false” and described it as “rumours spread by the vested interest with malicious intent and are unsubstantiated.” The many concerns about the company’s prospects are not hidden. The market value of the shares had dropped to ₹4,193 crore by Jan-end ⁠— when the gross debt was ₹2,420 crore ⁠— and to ₹1,418 crore by May 22. <div type="image" title="Raymond debt" msid="75945785" hostid="261"></div> The stock has declined over 80% since May 2019. Interestingly, much of the sell-off in Raymond shares happened between Jan 17 and March 24 of this year. The lockdown had not been announced until that point and since then, the stock has been stable and range-bound. <div type="image" title="Raymond shares" msid="75945836" hostid="261" caption="&amp;lt;p&amp;gt;Data source: BSE&amp;lt;/p&amp;gt;"></div> The COVID-19 lockdown could not damage the stock any more than what was already done. After the last quarterly earnings, the management reportedly told analysts that it did not expect to be free cash flow positive for the full year ending March 2020, according to a Karvy Broking report dated January 30. The cash on Raymond’s books in FY19 was less than half of what it was a year earlier <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cash and equivalents </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35.3 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45.5 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21.2 crore </td></tr></tbody></table> Forsaken promises “When we were asked to resign, they said we would be paid a full three-month salary. Although they paid us full salary in March,they paid us just the basic salary in April without any intimation," said one of the fired employees. A few others told Business Insider that they got only 25% of their salary for the month of April. They also said that the attempts to contact the Human Resources Department did not yield any answers. Raymond has denied this charge saying, “all the employees received the salary for the month of March in April without any delay.” "Forced to resign” Many employees said they were forced to resign. “Otherwise, they will threaten you with things like it will be difficult for you in future, we won't give you a salary, and people are left with no choice," one of those laid off told Business Insider. Here’s the full text of the statement from Raymond: “Firstly we would like to put on record that most of the information that you have gathered from your sources is factually incorrect, malicious and misrepresented with vested interests. We would further like to state that in line with the prevailing market conditions and unprecedented challenges, the company has undertaken the process of cost rationalisation to minimise the impact on business due to the pandemic. All the said measures and actions are taken in the overall interests of all stakeholders,” said the Raymond spokesperson. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/dmart-q4-earnings-estimate-shares-value-beats-maruti-nestle-and-hcl/articleshow/75883216.cms" data-type="tilCustomLink">DMart's quarterly sales may fall 25% but the shares are already up 35% ⁠— the retailer is now bigger than Maruti, Nestle and HCL Tech</a> <a href="https://www.businessinsider.in/business/news/azim-premji-investor-in-moderna-the-us-company-developing-covid19-vaccine/articleshow/75850005.cms" data-type="tilCustomLink">Indian billionaire Azim Premji is an investor in Moderna – the company whose coronavirus vaccine has showed early signs of positive results</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-shares-nosedive-nearly-7-in-hong-kong-fearing-a-deeper-gash-in-sales-between-april-and-june/articleshow/75890037.cms" data-type="tilCustomLink">Xiaomi shares nosedive nearly 7% in Hong Kong fearing a deeper gash in sales between April and June</a> <a href="https://www.businessinsider.in/tech/news/not-just-tiktok-twitter-and-zoom-are-in-the-dock-too-in-india/articleshow/75882562.cms" data-type="tilCustomLink">Not just TikTok, Twitter and Zoom are also in the dock in India</a>

You Searched For "azim premji resignation" and got 9 results

A look at Azim Premji’s salary and donations over the years shows the Wipro founder is India’s most generous billionaire

Preeti Soni

Azim Premji announces four technologies that Wipro will focus on as he bid adieu

Sanchita Dash

Wipro CEO Abidali Neemuchwala resigns, board starts search for successor

PTI

Abidwali Neemuchwala’s scorecard as Wipro’s CEO for four years

Navdeep

Sriram

Wipro founder Azim Premji to retire, son Rishad to take over

Sanchita Dash

Azim Premji, Ratan Tata’s nod also important for Flipkart-Snapdeal merger

BI India Bureau

More heads roll in Wipro, chief business operations officer Doreswamy quits

BI India Bureau

Three Independent Directors To Resign From Wipro

BI India Bureau

Raymond lays off hundreds of employees⁠— some of them say they haven’t received the promised severance pay

Navdeep Yadav

Popular Keywords

Buying Guides