Lanco Group sacks 4000 employees

The infrastructure, power, and realty company, Lanco Group, has retrenched 50% of its 8,000 workforce during the last 15 months owing slowdown. While around 3,500 people were given pink slips during the last fiscal (2012-13), around 400 employees were asked to leave during the last quarter.  According to the latest annual report of the company, Lanco had trimmed its employee expenses, including recruitment and training, to Rs 632 crore during 2012-13 as against Rs 736 crore in the previous fiscal.

According to Jagannadham Thunuguntla, strategist and head of research, SMC Global Securities, the slowdown in economy is seen in every sector, more so in infrastructure space.

Read the Financial Express news report here.