Ola Electric, India's top electric two-wheeler maker by sales, said on Monday it is eliminating some roles due to restructuring and automation, with Bloomberg News pinning the number at over 1,000, amid the company's push for profitability.

Ola Electric layoffs comes just months after the company, led by Bhavish Aggarwal, made 300-400 employees redundant—less than 10% of its workforce—citing a stronger emphasis on profitability.

Stocks fall over 3% Shares of Ola Electric Mobility on Monday fell more than 3 per cent on Monday after reports that the company is planning to cut around 1,000 jobs across different functions as part of a restructuring exercise to reduce losses.

Ola Electric Mobility, India's top electric two-wheeler maker by sales, is laying off more than 1,000 employees and contract workers as it seeks to prioritise profitability, Bloomberg News reported on Monday,

Ola Electric’s stock dropped 5% to a new low as the company plans to lay off over a thousand employees to mitigate losses. The layoffs impact more than 1,000 of the 4,000 employees, marking the second round of cuts in five months.

Ola Electric recently launched its first electric motorcycle — Roadster X — at a starting price of Rs 74,999 (ex-showroom).

The Bengaluru-based electric vehicle (EV) manufacturer will reportedly slash jobs across departments such as fulfillment, procurement, customer relations, and charging infrastructure.

The job cuts will affect multiple departments, including procurement, fulfilment, customer relations and charging infrastructure

SoftBank-backed Ola Electric has laid off over 1,000 employees as part of a restructuring move to cut costs and improve margins, even as it struggles with mounting losses and rising competition

It’s the second round of layoffs in under five months for India’s once top electric-scooter maker. Read more at straitstimes.com.

Shares of Ola Electric Mobility tanked over 5% to hit a fresh all-time low amid reports that the company is planning to cut over 1,000 jobs.