L&T Finance terminates over 500 employees citing poor performance

Zee Media Bureau

Mumbai: L&T Finance Holdings has issues pink slips to over 500 employees amid the distress it is facing in the hinterlands at present.

The company said that the rural sector was facing a lot of stress due to consecutive failure of monsoon, and being a major player in these markets, especially in farm equipment finance, so the company is forced to scale down operations.Company chairman and managing director Y M Deosthale warned of more stress in the rural areas. "We may see some stress in the farm sector for the next five to six months. The situation may improve only in the second half of the year, that too if there is normal monsoon," he said.

"What we have done is that we reviewed their performance and based on which slightly more than 500 employees have been separated from across the sectors which include retail, rural and other segments," Deosthale told PTI.

He pointed out that the rural sector was facing a lot of stress due to consecutive failure of monsoon, and being a major player in these markets, especially in farm equipment finance, the company has been scaling down operations.

PTI inputs