Maruti Suzuki India
shares tumbled more than 8 per cent on the bourses in morning trade on Thursday after production at its Manesar plant got affected following
a scuffle between workers and management employees.
One person was killed and at least 40 were injured on Wednesday in a clash between workers and the managerial staff at the Maruti Suzuki India's Manesar plant, forcing stoppage of work.
While the workers alleged that the scuffle broke out after a supervisor made rude remarks against a dalit worker, management sources said some of the senior officials at the plant were severely beaten up.
MUST READ: Maruti planning 800 cc car for Diwali?Shares of the company opened at a weak note and then fell as much as 8 per cent to an early low of Rs 1,126.70 on the Bombay Stock Exchange. Similarly, shares of the company tumbled over 8.20 per cent and touched a low of Rs 1,126 on the National Stock Exchange.
Maruti Suzuki shares continued to trade under pressure as at 11.27 am, the scrip was down 7.13 per cent on BSE and 7.35 per cent on NSE.
ARCHIVE: Unrest brews at auto factories The company has lost as much as 16.65 per cent from its 52-week high of Rs 1,428.20 on March 16. Moreover the stock had outperformed the broader market till Wednesday, rising more than 12 per cent as against the Sensex's 2.87 per cent rise.
Labour unrest is not a new phenomenon in Manesar plant which mainly produces Swift. The factory had witnessed three such instances last year causing a total
production loss of about 83,000 units.
With inputs from PTIDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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