Mar 03, 2025 01:37 PM IST
The job cuts at Ola Electrical might occur at a number of departments equivalent to procurement, achievement, buyer relations and charging infrastructure.
Ola Electrical Mobility Ltd is shedding greater than a thousand workers and contract staff, experiences Bloomberg. The electrical two-wheeler maker is seeking to stem its losses, the report states.
Ola Electrical CMD Bhavish Aggarwal addresses the media through the announcement of the corporate’s preliminary public providing (IPO), in Mumbai.(PTI)
HT.com can’t independently confirm the accuracy of the knowledge.
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The job cuts might come at a number of departments equivalent to procurement, achievement, buyer relations and charging infrastructure, in response to the report.
This additionally marks the corporate’s second layoff spherical in below 5 months because the Bhavish Aggarwal-led firm sees a 50% surge in losses for the December quarter and has additionally come below the sights of the patron safety authority just lately.
The earlier spherical noticed round 500 workers being let go final November, the report learn.
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Ola can also be automating elements of its buyer relations operations and the layoff plans might even change over time as per enterprise wants.
Although it was the market chief, the corporate can also be dropping market share with Bajaj Auto Ltd and TVS Motor Co overtaking it in December, in response to the report.
The corporate had additionally knowledgeable traders just a few days earlier that its automobile registrations will get impacted in February because it renegotiates phrases with two of its distributors to scale back prices and enhance efficiencies, the report learn.
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How did Ola Electrical shares carry out?
Ola Electrical Mobility Ltd shares dropped 3.25 per cent on the Bombay Inventory Trade (BSE) at 1:25 pm IST, buying and selling at ₹55, which was a drop of ₹1.85. Its shares have fallen over 60% from its peak since its blockbuster IPO debut in August.
Beneficial Subjects Information / Enterprise / Ola Electrical to put off 1,000 to regulate losses: Report
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