Only 86 companies took part in the process this year compared to 107 last time. Of the 86 companies, 34 were coming to IIM-C for the first time. This means only 52 of the 107 companies that recruited last year returned to the IIM-C.

Although the institute managed to place all its 265 students in the 10-day placement exercise which concluded recently, the average salary for domestic offers dropped by 23 per cent to Rs 12.7 lakh. “We had decided to carry on with the placements till each student was placed,” said Sekhar Chaudhury, director of IIM Calcutta, insisting that placements this time was his most challenging in the past seven years.

Last year, average salaries had risen 18 per cent to Rs 16.4 lakh. This year the institute allowed companies who were ready to pay more than Rs 6 lakh per annum, whereas last year the benchmark was Rs 8.25 lakh per annum. Jaypee Capital recruited 16 students, the most by a company this time, while among consultancies Frost and Sullivan topped with seven offers.

However, while otherwise high paying recruiters are keeping their purse strings tied, PSUs are making the most of the opportunity and students are also keen on stable portfilios in a tumultous market situation. Releasing the final placement report, Prafulla Agnihotri, chairperson of Career Development and Placement, said 34 students have accepted offers from PSUs — including SIDBI, SEBI, IOCL, NTPC, Coal India, Bank of Baroda and Union Bank of India — with an average salary in the domain of Rs 7 lakh per annum. Among PSUs, Union Bank of India recruited a maximum of 14 students. “The students recruited by the PSUs will be offered positions compatible to a Bank Probationary Officer with over 10 years of experience,” said Agnihotri.