Lodha Group lays off 400 people

Amidst rising debt which has crossed Rs 25,600 crore, and falling sales, Macrotech Developers, formerly Lodha Group, has given pink slips to around 400 employees. However, a spokesperson for the largest realty player in India attributed the lay-offs to performance reviews. The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat Lodha come at a time when the economic growth has dipped to a six-year low of 5 per cent, which has led many to fear if the spectre of job losses across sectors awaits next. The Lodha group company was downgraded with a negative outlook by two global ratings agencies last month, Moody's Investors and Service and Fitch Ratings on concerns on liquidity and falling sales.