Debt-ridden Reliance Communications today said the number of employees have come down by over 48,000 to the current level of 3,400 people.
This is a reduction of a whopping 94 per cent from the peak level of around 52,000 employees.
"Total number of people in the RCom group: from peak of approximately 52,000 to current 3,400, a reduction of approximately 94 per cent," RCom said in a BSE filing.
The company was estimated to be at its peak around 2008-10.
RCom, which is reeling under debt of around Rs 45,000 crore, closed it mobile services business in January this year and continues to provide business-to-business (B2B) telecom services.
The company in the filing said that its B2B unit is insulated from ongoing tariff war in the industry.
"The tariff wars between the incumbents -- Airtel, Idea, Vodafone and the new entrant Reliance Jio continue unabated, further dragging down all key financial metrics of the wireless sector. However, post its wireless B2C business exit on January 2018, RCom is no longer affected by the severe and prolonged wireless sector hyper competition," the filing said.
RCom said it is evident from the latest sector revenue report released by the Telecom Regulatory Authority of India that the wireless sector continues to be on a downward spiral, with over 21 per cent revenue decline on an year-on-year basis.
Overall revenue market size shrunk by over Rs 26,000 crore on annualised basis, it added.
"RCom operational business fully insulated from the hyper competition, mega capex requirements, financial stress of the wireless sector," the filing said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.