For perhaps the first time since it was established in 1984, there are not many takers for the MBA students of IIM-Lucknow—a grave reminder of the economic crisis gripping the world.

Two weeks after their summer placements exercise began on campus on November 7, about 55 students in the first year of the MBA programme at IIM-L are still waiting for an offer. Senior members of the faculty at this institution of excellence could not remember the last time this had happened—a few students were sometimes left behind after the first week of placements, but ultimately everyone got placed. Never was it so bad.

For 285 students last year, IIM-L got 424 summer placement offers. “This year, of the 325 students that we have, around 270 have been placed, the rest are left,” said Prof Prem Chandra Purwar, officiating director. He didn’t give details but said “there is nothing to worry, they can be placed in the coming weeks, when companies come with pre-placement offers”.

“We have not officially closed placements yet, the process goes on till the time all students are selected. Around 55 students are still left but we hope they too will be placed,” said Prof Sushil Kumar, chairman of the Placement Cell.

Off the record, students and teachers said the situation was probably the result of cost-cutting by companies, many of which sent just 2-5 representatives this year instead of their normal 10-15-strong contingents.