Business Autos 19 Aug 2019 Mahindra sacks 1,500 ...

Mahindra sacks 1,500, warns of more firings

Published Aug 19, 2019, 1:25 am IST
Updated Aug 19, 2019, 1:25 am IST
M&M Managing Director Pawan Goenka
 M&M Managing Director Pawan Goenka

Colombo: Pitching for an immediate fiscal stimulus package for the automobile sector, Mahindra & Mahindra managing director Pawan Goenka said his company has retrenched about 1,500 temporary workers since April 1 and if the slowdown continues it will be forced to lay off more employees.

Speaking to reporters here on Sunday, Mr Goenka said more layoffs will happen at automotive suppliers and dealers and not as much at equipment manufacturers.

The automobile sector has already reported 15,000 job losses in the last two or three months.

He observed that a turnaround for the industry is crucial during the festive season, otherwise suppliers may be forced to decl-are bankruptcy. 



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