Sterlite layoffs nearly 100 employees, senior executives

NEW DELHI: Homegrown Sterlite Technologies or STL has asked as many as 100 employees including senior executives to quit the company as a part of restructuring on the back of declining business, and selling off its telecom and software units to a US-based firm.

“Close to 100 individuals were asked to leave as the company is facing a tough time. The move is aimed to cut down operational cost with non-core functions principally taking a hit,” an industry source told ETTelecom.