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Hospitality giant OYO has asked thousands of employees to go on leave or furloughs for a period of up to three months as the company plans to dodge coronavirus’ impact on the revenue and occupancy of its hotel rooms.
Founder and CEO of OYO Ritesh Agarwal, in a video message uploaded on YouTube, said that the outbreak of coronavirus has severely impacted the business of travel and tourism industry globally. Since the outbreak, OYO’s occupancy rate and revenues have dropped by more than 50 to 60% and the company’s balance sheet has come under severe stress, he added.
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