More than 500 workers of Ashok Leyland opted for a voluntary retirement scheme (VRS), bringing down the workforce by 10%, reports The Economic Times.

The company had first announced the VRS on 8 November in order to streamline fixed costs and bring down manpower costs.

Commercial vehicle manufacturers across India are being hit by the economic slowdown. Ashok Leyland has been looking at ways to improve efficiencies and reduce costs to curb the impact of the slowdown.