With reference to a survey showed on Friday, a Mint report said that activity at Indian services companies shrank at the fastest pace in more than four years in September, suggesting the slowdown in Asia’s third-largest economy still has some way to run.

The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, slipped from 47.6 in August to 44.6 in September, its weakest since April 2009. The report added that this slip marked its straight third reading below 50, the threshold between growth and contraction.

It showed firms were less optimistic about the future and were cutting staff as new business dries up. The PMI’s new business index fell to 45 in September from 46.6 in August, the weakest reading since February 2009 and the third month running that demand has declined.

Read the complete Mint report here