Ola Electric Mobility is laying off over a thousand employees and contract workers, Bloomberg News reported on Monday, citing people familiar with the matter.

Shares of Ola Electric Mobility Ltd continued their downward trajectory, slipping for the sixth consecutive trading session on Monday. The stock plummeted by 5.52 per cent to touch a new all-time low of Rs 53.

Ola Electric Mobility Ltd. is laying off over a thousand employees and contract workers, people familiar with the matter said, as one of India’s top scooter-makers races to pare ballooning losses.

New Delhi, Mar 3 (PTI) Ola Electric Mobility is cutting around 1,000 jobs across different functions as part of a restructuring exercise to reduce losses, according to people aware of the development.

Ola Electric is cutting around 1,000 jobs as part of a restructuring exercise to reduce losses. This follows a previous round of job cuts in 2024.

This is the second round of layoffs at Ola Electric after the EV maker let go of about 500 employees in November last year.

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.

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.

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

The job cuts at Ola Electric may happen at multiple departments such as procurement, fulfillment, customer relations and charging infrastructure.

This is the second round of layoffs in less than five months. In November, the company had laid off around 500 employees.