Offer letter getting revoked

I am a 2023 batch undergrad from nit . This year placement season was dull compared to 2022 . But somehow most of people got a job . But from the past 2 3 weeks companies are revoking offer letter. Almost 8 companies have revoked their offer letter, including increff OLX ,karza technology and so on . Offer letter is getting delayed . Almost all of us had their expected joining in June and July ,but many of my friends have not got their offer letter. Also the PPO scene, prior to this year almost the PPO conversion rate was very good in 6 months intern . A big mnc company hired 26 intern from my college but no PPO . I am afraid right now. When will the scene become normal?