Royal Enfield has let go of nearly 100 employees as part of its annual performance review. As per a report by CNBC-TV18, the employees are being disengaged as part of a review process that began in April.
"Around 90-100 employees are being disengaged from the company as part of the normal annual performance evaluation process. This is part of the usual annual employee evaluation done every year. The company is extending all possible support to these employees," the company said in a statement to CNBC-TV18.
As per the report, the company has disengaged employees spanning functions and positions ranging from executives to senior managers.
The layoffs however constitute less than one percent of the 10,000 strong overall workforce of the company. As per the company’s annual report, the company employs 5,000 permanent employees.
It is to be noted that Eicher Motors in August reported a consolidated profit after tax of ₹237 Cr for the quarter ended June, on the back of improved sales. However in general, the slowdown in the automobile sector and a fall in sales volumes has led to many companies taking to workforce restructuring.
The layoffs come a month after the exit of top executive Vinod K Dasari, who stepped down from his position as Chief Executive Officer of Royal Enfield and executive director of the board of Eicher Motors Ltd., last month.