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Sterlite Technologies Lays off Nearly 100 Employees Including CXO Levels

Sterlite Technologies Limited (STL) has laid off approximately 100 employees. As per an article published by Economic Times dated 18th October 2023, the probable causes for this are stagnation in STL’s telecom business and declining order book. STL’s order book stands at Rs.10,516 for Q2 of FY-24 against Rs. 11,697 crore by Q2 of FY-23.

The employees who exited Sterlite Technologies include those at significant positions such as Mr. Manish Sinha-Group Chief Marketing Officer, Pankaj Aggarwall-Chief Financial Officer (CFO) of global service businesses, Mr. Manuj Desai-Chief Information Officer, and Mr. Jitendra Balakrishnan-Research & Development (R&D) head.