Indeed. Between roughly 1995-2000 it was the place to be. The hyper growth that followed post ~2002 brought in dilution in talent, benefits were cut (e.g. stock options were discontinued mid 2002) and the emergence of global companies opening India offices made it even less desirable.

There's a meme about Infosys' 3L/annum salary. Funnily that was exactly my starting salary there (post confirmation) in 2002.