In one of the biggest layoffs the country has witnessed, engineering services firm Larsen & Toubro has let go of 14,000 employees. The exercise is the company’s bid to “right size” its workforce amid a business slowdown, The Economic Times reported Wednesday.
The workforce-retrenchment exercise, done as part of digitisation and productivity enhancement initiative, was carried out over six months to September.
L&T Chief Financial Officer R Shankar Raman said the move was a “correction” and shouldn’t be take as a sequential measure.
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