Innodata (INOD) Shares Drop 16% Following Reports of Layoffs in India and Philippines
Innodata (INOD) shares experienced a significant decline of 16%, trading at $49.88 in premarket sessions on Tuesday. The sell-off follows reports from India Today indicating that the company terminated nearly 550 employees in India on October 26. Additional job cuts have reportedly been implemented in the Philippines as well. While the specific strategic reasons for these reductions were not detailed in the initial report, the news has triggered immediate negative market reaction regarding the company's operational stability or cost-management shifts.
Tickers: $INOD
Topics: layoffs stock price movement workforce reduction
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Part of the story Innodata Shares Plummet 26% Following Reports of International Layoffs (2 articles)