Hurt by the recession fears, Parsvnath Developers, one of the leading real estate company has revealed that it would sack under-performing employees as part of its cost cutting measures that would begin in the next 15-20 days. 

The company however, did not specify the number of people who will be retrenched. The company currently employs 1,400 people and about 30,000 people are indirectly employed.

A top company official stated that, at present, there is no percentage figure in our mind, and we have not yet begun the process of identifying the non-performers. 

He, however, later clarified that non-performer would be replaced by good professional, who are currently available in the market. 

The company’s sale in the current festival season has declined by about 40-50 per cent compared to last Diwali.

The stock of the company today plunged to its all- time lows of Rs 42, but latter settled the day at Rs 45, down 22% compared to previous close of Rs 57.