This includes those who will be put on furloughs, along with those who we will have to part ways with, at least, as of now, he added.
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He said the company has tried to do it best to offer financial support, continued health insurance cover and outplacement support for those impacted by the downsizing exercise.
Hemrajani said the teams that are staying back have voluntarily taken salary cuts ranging from 10 per cent to 50 per cent at the leadership level, given up their bonuses and all salary raises.
The company has cut all other expenses and renegotiated with vendors, partners and landlords and after exhausting all other cost-saving measures, it took the decision as a "last resort", he said, adding that the layoffs are "not a reflection" of the individual's performance or ability.
Amid the COVID-19 pandemic and the lockdown, multiplexes, theatres and stadiums were closed and people stayed indoors, which impacted these businesses as well as those in ancillary services.