Over half of Indian companies are "vulnerable" from a wage payments perspective, which will lead to a sharp cut in paychecks and delay the overall economic recovery as demand resumption takes time, ratings agency Crisil said on Friday. Ashu Suyash, the managing director and chief executive of the agency, said it has done an analysis of 40,000 companies having a collective wage bill of Rs 12 lakh crore, which revealed the grim situation. "We see vulnerability in 52 per cent by size (of wage bill) and 68 per cent by numbers (of companies). This should not result in all layoffs or redundancies, but a sharp cut in the paycheck. That simply means that recovery is going to be slow," she said at an economics conference organised by SBI.