Along with Lehmann brothers, Meriyll Lynch another company filed the bankruptcy and became the victim of Economic recession.
The world is suffering and US is the worst hit.Regular layoffs from companies and unemployment rate is increasing rapidly and soon may fall into double digits in America.The heat is also now felt in North America.
Nortel networks corporation,North America’s biggest Telephone equipment maker has filed bankruptcy on wednesday.The Toronto based company was in crisis and now it has announced that it failed to succeed in this crisis.More layoffs could be expected from this company.Its shares plunged down and the Toronto exchange was in blood bath.
Now the problem is,Nortel is a client of Infosys and Infy were providing them with software products.Because of this bankruptcy,the revenues for Infosys may be cut down.The company has recently announced its quarter results and showed it in profit.Its shares went up and now because of Nortel’s fall, the IT stocks in India came down.
However, the Infosys chief has said that,Nortel is not the top 10 greatest clients of Infosys.So, their downfall will not impact on Infosys’s Future.Nortel’s fall clearly made an impact in Indian Stock exchages and shares of Infosys fell down.