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The companys revenue declined 7% year-on-year to Rs 5,519 crore in the July-September period. Profit before exceptional items and tax fell 10% to Rs 2,305 crore for the quarter. The company had provided for an exceptional item of Rs 2,363 crore in the year-ago quarter.
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The change comes into effect from April, although some say low-paid workers bear the brunt.
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Aravind Maiya, the CEO of Embassy Office Parks Management Services that manages Embassy REIT, will step down from his post following market regulator Sebi's direction to suspend him and appoint an interim CEO immediately.
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