WELCOME TO FRENDZ4M
Mon, Dec 23, 2024, 09:32:42 AM

Current System Time:

Get updatesShare this pageSearch
Telegram | Facebook | Twitter | Instagram Share on Facebook | Tweet Us | WhatsApp | Telegram
 

Forum Main>>General Talk>>News>>

Ola Electric to lay off 500 employees amid losses: report

Page: 1   
Mr.Love ™User is offline now
PM [1]
Rank : Helper
Status : Super Owner

#1

Ola Electric, mired in controversies amid a government probe and mounting losses, is set to lay off at least 500 employees as part of a restructuring exercise.


The Bhavish Aggarwal-led electric vehicle (EV) company is trying to boost its operational efficiency by reducing redundancies and “drive profitability”, according to multiple reports. The restructuring exercise will impact employees from several departments, the reports added.


According to an Inc42 report, citing sources, “the aim is to cut expenses to drive profitability and improve margins. There's no set time period for the completion of the exercise”.


Ola Electric did not immediately comment on layoffs.


The company reported a 43 per cent increase in net loss at Rs 495 crore in the July-September period (Q2 FY25), from Rs 347 crore in the previous quarter (Q1 FY25).


The electric two-wheeler company also saw its revenue slump 26.1 per cent to Rs 1,214 crore (on-quarter) from Rs 1,644 crore in the first quarter of this fiscal. The net loss, however, narrowed on a year-on-year basis.


In the post-quarterly earnings call, Aggarwal said the company's operating expenses had decreased quarter-on-quarter and that the company will focus on cost efficiencies.


“As we continue to scale distribution, revenue will keep growing while the operating expenses are likely to remain flat or even decline over the next few quarters,” Aggarwal added.


The company also saw its market share plunge to 33 per cent in Q2, down from 49 per cent in the previous quarter.


According to experts, increased competition and service network challenges have impacted Ola Electric's market dominance.


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.


On Friday, the company's share was hovering around Rs 67 apiece, way below its market debut price of Rs 76 and more than 56 per cent down from its all-time high of Rs 157.40.


The market cap had reached an all-time high of around Rs 69,000 crore, which has come down to around Rs 31,000 crore.


Several Ola Electric customers have reported problems with software, battery and jammed tyres. The Central Consumer Protection Authority (CCPA) has also ordered a comprehensive probe into the EV company over its consumer complaint redressal practices.
(Except for the headline, this story has not been edited by News Agency staff and is published from a syndicated feed.)

Reply
You are not logged in, please

Login

Page: 1   

Jump To Page:

Keywords:electric, employees, losses, report, controversies, government, mounting, restructuring, exercise, bhavish, aggarwal, vehicle, company, trying, operational,
Related threads:

'Sunny Leone' got Rs 1,000 a month under Chhattisgarh scheme for married women


Kohli was labeled a 'bully' for an argument with a reporter: "He reprimanded her..."


Couple caught smuggling luxury watches worth Rs 13 crore in Gujarat


Couple tied to pole and beaten by mob in Bihar


Tea for Rs 10 soon at Kolkata airport, Raghav Chadha says 'change brewing'


India to play 2025 Champions Trophy matches at this venue: report


Now tea for Rs 10 at Kolkata airport, Raghav Chadha says 'change brewing'


Jeff Bezos to marry Lauren Sánchez in lavish $600 million ceremony: report


Fan slams organizers over management issues at Bryan Adams concert in Gurgaon


Cricket match canceled after press conference row between Ravindra Jadeja and Hindi


TERMS & CONDITIONS | DMCA POLICY | PRIVACY POLICY
Home | Top | Official Blog | Tools | Contact | Sitemap | Feed
Page generated in 0.17 microseconds
FRENDZ4M © 2024