L&T, Which Grabbed Headlines For Its CEO’s 90-Hour Remark, Loses Rs 70,000 Crore Worth Tender Due To…
• L&T, an engineering company, lost a Rs 70,000 crore contract after the Ministry of Defence rejected its bid to build six advanced submarines under the Indian Navy’s Project 75 India.
• The rejection was attributed to non-compliance with tender specifications, leading to the company losing the tender.
• The company’s CEO, SN Subrahmanyan, proposed a 90-hour workweek, including making employees work on Sundays.
• Subrahmanyan’s comments were met with sharp criticism and his total compensation last fiscal year was Rs 51 crore.
• The company’s CEO, SN Subrahmanyan, was part of a controversy over his 90-hour workweek remark, which led to significant social media backlash.
• The company’s market cap is Rs 4.85 lakh crore.
• Subrahmanyan’s comments followed Infosys founder Narayana Murthy’s call for a 70-hour work week.
