According to a Mint report, Tata Motors has started an austerity drive to keep a check on overheads. The company announced the cost-cutting measures through an internal circular in the first week of September. This drive restricts travel and hotel stay for executives and trims costs for events organized for company’s suppliers.
The September quarter has been the worst for Tata Motors and the company has incurred a loss of Rs 800 crore, the steepest in company’s history, the report added.
In an emailed response to Mint, a Tata spokesman said, “Given the difficult macro-economic environment and the challenges for the auto economy, Tata Motors, like most other companies, has put in place various measures for prudent fiscal discipline across the operations of the company while maintaining the required focus on our future in areas such as new product development and providing the right work environment and facilities to our employees.\”
Read the complete report here