Innodata stock tumbles on report of layoffs in India and Philippines

Innodata (NASDAQ:INOD) shares fell 28% on Tuesday following reports that the AI services company laid off nearly 550 employees in India.

The stock recorded its largest intraday decline since February 2024. The company also cut jobs in the Philippines, according to a report by India Today.

IndiaToday.in said it reached out to Innodata seeking comments on the layoffs, but no official statement from the company was immediately available.