Maruti Suzuki scrip jumps 3% as Manesar plant strike ends

Shares of Maruti Suzuki India (MSI) gained over 3 per cent in morning trade on the bourses on Friday after the 13-day strike at its Manesar plant was called off late Thursday night.

Cheering the news, shares of the company went up 3.69 per cent to touch an early high of Rs 1,233.35 on the BSE, while on the NSE, the stock touched a high of Rs 1,232, up 3.25 per cent from its previous close.

Later, the scrip trimmed much of the initial gains and was trading down by 0.08 per cent on BSE.

Following a deal brokered by Haryana Chief Minister Bhupinder Singh Hooda between the workers and the management, the 13-day strike at the country's largest car-maker MSI's Manesar plant in Gurgaon was called off late Thursday night.

Maruti goes the Nano way, to set up plant in Gujarat

As part of the deal, MSI will reinstate all 11 workers that it sacked and take a lenient approach on enforcing a no-work-no-pay rule of eight day's salary cut for every single day of the strike.

On June 4, the workers went on strike demanding the recognition of a new union, Maruti Suzuki Employees Union (MSEU), formed by those working at the Manesar plant.

During the period, Maruti's counter has declined by over 3 per cent on the bourses.

Meanwhile, the BSE barometer index Sensex was trading at 17,938.62, down by 47.26 points from the previous close.