Indian staffing firm Quess Corp announced that it will not be moving ahead with its planned merger with subsidiary Allsec Technologies.

The company had first announced its planned merger in June 2022. Allsec Technologies was set to merge fully into Quess in an all stock deal. Quess Corp acquired a majority stake in Allsec in 2019.

The group’s Board approved the withdrawal of the merger scheme in December 2022.

Group Chief Financial Officer Kamal Pal Hoda told BQ Prime (formerly Bloomberg Quint) that Quess Corp plans to reconsider its merger with Allsec at the ‘right time’, adding that the deal was called off due to volatility in share price.

“With the volatility in the share market and the prices where they are right now, the boards of both companies thought, in the interest of shareholders. We'll re-look it at an appropriate time sometime in the future," Group Chief Financial Officer Kamal Pal Hoda told BQ Prime.