Ola Electric Plans To Cut 500 Jobs Amid Losses, Government Probe: Report
Ola Layoffs: The shares of Ola Electric continue to slide, more than Rs 38,000 crore worth of investors' money has been eroded in the company's stock in just a couple of months.
Ola Electric, the subsidiary of ride-hailing company Ola, is set to lay off at least 500 employees as part of its restructuring amid losses and a government probe over poor product and service quality complaints.
Reports suggest that Bhavish Aggarwal's electric vehicle (EV) company is working to enhance operational efficiency by cutting redundancies and focusing on boosting profit. The restructuring is expected to affect employees across various departments, the IANS report stated.
The move aims to streamline operations, eliminate redundant roles, and enhance profitability. The restructuring process, which began months ago, is expected to conclude by December 2024.
