It was like yesterday, when Practo removed it’s 10 % of employees, and as per reports due to falling revenues and margins, Anil Ambani’s Reliance Communications has taken this step.
A media report has said that Anil Ambani-controlled Reliance Communications (RCom) has laid off about 800 employees and is unable to honour payment commitments to vendors.
Some of the retrenched employees include senior executives, the Moneycontrol reported on Friday.
RCom’s annual report for FY2016 had said that the company had 9,115 employees across various businesses as of March 31, 2016.
For the third quarter ended December 2016, RCom has posted loss of Rs 531 crore on total revenues of Rs 4,922 crore. Its cumulative debt was Rs 42,700 crore.
Going by the losses Telecom sector is facing, more layoffs may be followed.
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