M&M slashes 300 top-level positions in 2 divisions
March 09, 2021
The main reasons for the layoffs could be the decline in sales over the past many months - REUTERS
The main reasons for the layoffs could be the decline in sales over the past many months - REUTERS×
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Exits attributed to decline in sales in Auto and Farm Equipment units
In a major restructuring exercise, Mahindra Group has let off around 300 senior-level executives in the Automotive and Farm Equipment divisions.
Decline in sales over the past many months is perhaps one of the major reasons for the layoff. In the automotive division, sales declined by more than 19 per cent, exceeding the overall industry decline of around 13 per cent (from April 2019 to January 2021).