Chennai floods cost IT $60 m |
Chennai floods have cost huge losses to the local IT industry; mid-size firms incurring $5-10 million and large ones $40-50 m. Cognizant, Infy, TCS and other IT firms have been organizing buses every hour to send employees to Bangalore. Around 2000 employees of each of these companies have already left to work out of Bangalore. HR departments of IT companies are trying to contact each and every employee in Chennai to check their status. Many employees are still stranded in their homes. The automobile industry has estimated the possible losses to be around Rs 15,000 crore. Hyundai, Renault-Nissan, Ashok Leyland and Royal Enfield o remain "at a standstill mode" till Saturday. What`s more Chennai is also a major auto parts hub. So, the floods could hobble production in automobile factories across the country. The seriousness of the situation can be gauged by the fact that top executives, like the CEO of Ashok Leyland, had to be evacuated and several companies said they were working to help out executives stuck in rain-ravaged areas. As Chennai continues to fight back unprecedented rain and floods, the death toll climbed to 450 since the onset of monsoon in October-end in the city and neighbouring districts.
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