Ola Electric likely to lay off over 1,000 employees to reduce losses

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

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