New Delhi. Ola Electric, which was recently embroiled in controversy due to government investigation and rising losses, has now decided to lay off 500 employees to change its working structure. This step has been taken by the company to increase its operational efficiency and work towards “profitability”. According to reports, this restructuring process will affect employees of many departments.
According to a report, the company’s goal is to cut expenses and increase profits. However, there is no set time limit to complete this process. Ola Electric has not yet given any official statement in this regard.
According to the quarterly report of Ola Electric, the company’s net loss between July and September reached ₹ 495 crore, which was ₹ 347 crore in the previous quarter. Apart from this, the company’s revenue also fell by 26.1 percent to ₹1,214 crore, compared to ₹1,644 crore in the first quarter. However, the net loss has decreased year on year (YoY).
Source : palpalindia
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