Ola Electric will do layoffs to improve margins, make profits, 500 jobs will be affected

Ola Electric Update: Ola Electric Mobility is going to do layoffs in the company so that along with improving the margins, Ola Electric can be made a profit making company. Ola is going to start a new restructuring process in the electric company, due to which the jobs of 500 employees may be affected.

Quoting sources, Moneycontrol said in its report that Bhavish Aggarwal’s company Ola Electric is going to start the new restructuring process. Due to this decision of the company, the jobs of 500 employees working in different roles may be affected. Company sources said that the company is going to do this layoff of employees with the aim of improving margins and making profits. Earlier, the company had adopted two restructuring processes in September 2022 before the IPO. In July 2022, Ola had laid off 1000 employees. When the company closed the business of used car business, cloud kitchen and grocery delivery, while 1000 employees were laid off from other business verticals, then the company had to hire 800 people for the EV business. Had to hire.

The trading session of Thursday 21 November 2024 has been very disappointing for Ola Electric. Ola Electric Share has fallen to lifetime low of Rs 66.86 and in today’s session the stock closed at Rs 67.21 with a decline of 3.04 percent. Ola Electric’s shares are currently trading below its IPO price of Rs 76.

According to the results announced by Ola Electric for the second quarter of the financial year 2024-25, the company’s revenue in this quarter has been Rs 1240 crore with a jump of 38.5 percent. There has been a jump of 73.6 percent in deliveries in the second quarter and has increased from 56,813 units to 98,619 units year on year.

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