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YEARS
The company is going to lay off these employees with the aim of improving margins and earning profits. This is not the first time that restructuring is being done in the company. Earlier, the company had adopted two restructuring processes in September 2022 before launching the IPO.
The sword of terror is hanging over the employees of Ola Electric Mobility Company. The company is going to do layoffs soon. The company has decided to do layoffs. Ola company has taken this step to improve the margin. The company says that Ola Electric will have to be made a profit making company as soon as possible. Ola Electric is going to start a new restructuring process in the company, due to which the jobs of 500 employees may be affected.
Ola CEO Bhavish Aggarwal has informed Moneycontrol quoting sources that Ola Electric Company is going to start a new restructuring process. This decision of the company may affect the jobs of 500 employees engaged in various roles. Company sources said that the company is going to lay off these employees with the aim of improving margins and earning profits. This is not the first time that restructuring is being done in the company. Earlier, the company had adopted two restructuring processes in September 2022 before launching the IPO.
Under this, 1000 employees were laid off in July 2022. During this period, the company had closed the business of used car business, cloud kitchen and grocery delivery. During this period, 1000 employees were laid off from other business verticals. After this the company had to hire 800 people for the EV business. The trading session of Thursday 21 November 2024 has been very disappointing for Ola Electric.
Shares of Ola Electric fell to its all-time low of Rs 66.86 and closed at Rs 67.21, down 3.04 per cent in today's session. Shares of Ola Electric are currently trading below its IPO price of Rs 76.
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