SoftBank-backed Oyo says annual loss grew over six-fold on China expansion
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BENGALURU (Reuters) - SoftBank-backed Oyo Hotels and Homes said on Monday losses widened more than six-fold in the year to March 2019, as the India-based hotel chain spent heavily to expand into China.The news comes weeks after Oyo began laying off roughly 2,000 employees in India, as it inches towards profitability, and days after its major investor SoftBank Group reported dismal quarterly results. The Japanese firm owns about 46% of Oyo.Quarterly profit at SoftBank Group was almost wiped out..