India, March 3 -- Shares of Ola Electric Mobility tanked over 5% to hit a fresh all-time low of INR 53.71 apiece on the BSE on Monday (March 3) amid reports that the Bhavish Aggarwal-led company is planning to axe over a thousand employees and contract workers to contain losses.

As per a Bloomberg report, the latest round of layoffs at Ola will impact employees across multiple departments, including procurement, fulfillment, customer relations and charging infrastructure.

It is pertinent to note that the electric mobility company fired over 500 employees last November.

Ola is also looking to fire front-end sales, service and warehouse staff at its showrooms and service centres as part of its cost-cutting exercise, the report said.

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