From media to automobile sectors, companies are laying off employees by the hundreds, Business Standard reported. Network18 recently cut 350 jobs and more are expected to go in the coming days. This comes a few months after CNBC-TV18’s rival, NDTV Profit, scaled down its Mumbai operations drastically, resulting in at least 50 jobs being cut.
Educomp Solutions, an education service provider, slashed 3,500 jobs in the past three months, truncating its workforce by almost 20 per cent. The automobile industry isn’t far behind. Last month, Mahindra & Mahindra laid off 500 temporary workers at its factory sites. As sales went down, the company also announced production holidays to avoid inventory pile-up and to align with slowing demand.