New Delhi, March 3 -- Shares of two-wheeler electric vehicle (EV) manufacturer Ola Electric crashed 5% to a fresh 52-week low on Monday, March 3, amid reports that Bhavish Aggarwal-led company is looking to lay off over a thousand employees and contract workers to contain losses.

According to a Bloomberg report today, the cuts at the SoftBank Group-backed firm span multiple departments, including procurement, fulfillment, customer relations and charging infrastructure.

This would be the second round of job cuts in under five months by Ola Eletric, which reportedly laid off around 500 employees last November.

The latest round of layoffs at Ola affects more than a quarter of its 4,000 employees as of March 2024, though it also includes c...