Are employees being moved to other teams instead of being laid off? Or is the layoff news false, since the new offices in Pune and Hyderabad suggest there may be more hiring in the coming months?

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The firing is mostly from high cost locations. Like Swiss & US.
India is new cost saving option so we are safer for next 2 years at least.

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Exactly I don't think they're going to do any layoffs .

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I think only india location is safe

They are firing from all locations. In India, they are giving the lowest rating and asking employees to find a new job or new team within the first quarter. After getting the lowest rating, nobody wants to go through the IJP. As they have given you the lowest rating, HR will pick you first in case of lay off.
Specially, if your line manager is swiss, they will try to protect swiss peers by giving bad rating to India team people.

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