India’s IT Giants Are Cutting Jobs for the First Time in 20 Years. AI Agents Are Eating the Model That Built Them.
TCS, Infosys, Wipro, HCLTech, and Tech Mahindra shed 7,389 employees in FY26 — the first net decline in two decades. Nifty IT down 23%, $77B wiped. The annuity base is cracking.