Apollo to Lay Off 1,500
The downturn in the automotive industry has seen Apollo Tyre’s OEM demand drop 43 percent in terms of value during the last financial quarter, and according to company chairman and managing director Onkar S Kanwar, “car sales have plummeted [and] tyre sales have also gone down proportionally.” During the last quarter commercial vehicle tyre sales have also experienced “a serious drop”, he added. In light of this decreased demand for the company’s products, the Hindu Business Line reports that Apollo is considering laying off 1,500 workers.