Mukesh Ambani plans Layoff: In a major point of concern for the employees of Reliance Retail Ventures Ltd (RRVL) the Mukesh Ambani led Indias largest retailer is reportedly slashing jobs accompanied with other cost-cutting measures - before making its stock market debut. Here is all the information you need to know about the reported slashing of jobs. According to reports the expansion of Reliance Retail in the past has led to its valuation cut to $50 billion half the amount at which it raised funds two years back. Therefore it is now limiting expansion in a bid to boost valuations before its initial public offering (IPO) knocks the market. A report from the Financial Express quoted Bloomberg saying that Reliance Retail laid off 38000 employees in 2024. Reliance Retail planning a valuation cut? The valuation cut just as the conglomerate plans to list the retail unit does not bode well for early investors especially when talks of buyback by marquee investors yielded little results NDTV Profit reported citing a Bloomberg report. The company is also limiting the presence of their physical stores slashing marketing budgets and merging Reliance Brands Ltd with its umbrella retail entity the report mentioned. In the third quarter of this fiscal (Q3 FY25) the retail units total store count reached 19102 and it recorded footfalls of nearly 30 crore a 5 per cent year-on-year growth. Reliance Retail focuses on scaling up digital commerce The focus on scaling up digital commerce and new commerce continued with these channels contributing to 18 per cent of total revenue according to the company. Reliance Retail Ventures clocked a 10 per cent increase in its consolidated net profit for Q3 FY25 at Rs 3458 crore compared to Rs 3145 crore in the same period last year. On a sequential basis the net profit increased by 22 per cent rising from Rs 2836 crore reported in Q2 FY25. Reliance Industries Limited Chairman and Managing Director Mukesh Ambani said that with customer-centric innovation at its core the business constantly endeavours to enhance the shopping experience of its customers through its vast reach and a constantly expanding product basket. Meanwhile Jefferies has maintained its buy call on Reliance Industries Ltd with a target price of Rs 1660 per share. The stock assumes significance as it has fallen over 25 per cent since its peak last year. (With inputs from agencies)