Top News Podcast: Emergency declared in Sri Lanka to early signals of ‘IT hiring slowdown’ and more

Episode 277,  Jul 13, 01:45 PM

Sri Lanka's embattled President Gotabaya Rajapaksa fled to the Maldives on a military jet on Wednesday, hours before he was supposed to quit in the face of a public revolt against his government for mishandling the economy that has bankrupted the country. From the Maldives, 73-year-old Rajapaksa appointed Prime Minister Ranil Wickremesinghe as the acting President.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on the Sri Lanka crisis, stock markets, the employment sector, and more.

Sensex tumbled more than 370 points while the broader Nifty50 slipped below the 16,000 mark dragged by sharp selling in financial and information technology scrips. HCL Technologies shares were in focus and remained under selling pressure after the IT major reported a 100 basis-point sequential drop in its margin amid worsening attrition.

Meanwhile, recruitment in the information technology (IT) sector, which was on a roll for the past two years, is starting to show early signals of slowing following indications of an early recession in the United States, according to TeamLease Services.

In the US, about 20 million Americans quit their jobs in the first five months of this year, in what’s come to be known as the Great Resignation. Many now are regretting the decision, according to a new survey.

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