PayPal (PYPL) has laid off around 600 employees across its India operations as part of a global restructuring and cost-cutting drive, MoneyControl reported Thursday, citing unnamed people familiar with the matter.

The job cuts span teams in Chennai, Bengaluru and Hyderabad, affecting functions including technology, engineering, operations, payments, and finance, and represent roughly 10% of PayPal's India workforce, according to the report.

A PayPal spokesperson, however, told MoneyControl that the recent headcount reduction involved about 220 employees, or roughly 4% of its India staff.

PayPal did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)