India, Oct. 28 -- US-based Innodata has become the latest company to lay off a big chunk of its staff in India. The AI services company reportedly axed nearly 550 jobs in the country, nearly 5% of its global workforce.

According to a termination email reviewed by India Today, the company cited a "ramp-down of the (a) business assignment" as the reason for the layoffs. It also noted that the decision was not linked to individual performance. Simply put, a major client likely pulled the plug on a massive project and Innodata responded by slashing the costs associated with that project.

The extent of the layoffs, the teams involved and the status of the affected client assignments remain unclear. Inc42 has reached out to the company seekin...