 "After Flipkart fiasco, L&T Infotech now withdraws offer letters to 1,500 students")
Taking a leaf out of Flipkart’s book, L&T Infotech, which was planning to launch Rs 2,000 crore-IPO, has withdrawn offer letters to 1,500 students based in South India.
Company sources confirmed the move to Business Standard. They declined to be identified for this article.
The students have decided to go on a hunger strike in Chennai to protest the company’s move, reports said.
The firm was planning to launch its IPO soon, and the withdrawal of offer letters to students could be an indication that all is not well. The company cited "poor performance" of the students for withdrawal of the offer letters.
In an unprecedented move at the prestigious IIM-Ahmedabad, Flipkart, which has hired in the past from IIMs and IITs, this year informed about 10 students it was deferring their joining to December. The decision was announced on May 20, just three days before the candidates were to join. The e-commerce giant cited an organisational rejig for the deferment and committed Rs 1.5 lakh as a joining bonus for each candidate. After a public spat with IIM Ahmedabad, it increased the bonus to Rs 3 lakh.
At 01:27 p.m., L&T's stock was trading almost flat at Rs 1,478.75 apiece.