Ola Electric to sack 25% of workforce as losses mount

Two-wheeler electric vehicle (EV) maker Ola Electric Mobility is laying off around 1,000 employees-about 25 per cent of its 4,000strong workforce as part of a restructuring effort aimed at reducing losses, according to industry sources.

- PEERZADA ABRAR

The layoff news saw the SoftBank Group-backed firm's stock hit a 52-week low in intraday trading. Its share price hit ₹53.7 per share intraday, but recovered and closed at 55.18, down 2.94 per cent.

According to sources, these layoffs are part of a restructuring exercise started by Bhavish Aggarwal-led firm in November 2024. The job cuts affect multiple departments, including procurement, fulfilment, customer relations, and charging infrastructure. In November, the company had laid off around 500 employees, according to reports.