New Delhi: Production at Maruti Suzuki India's Manesar plant was halted for the second day on Tuesday, with the company suspending 28 people including 16 workers and 12 technicians.
Shares of Maruti Suzuki plunged in early trade on the bourses on Tuesday as production at its Manesar plant got disrupted.
Production at Maruti Suzuki India's Manesar plant has been affected, as the company is preventing workers from entering the factory without signing a 'good conduct' bond following alleged "sabotage", resulting in quality issues that arose last week.
Shares of the company opened on a weak note on the Bombay Stock Exchange and then lost further ground and slipped to a low of Rs 1,063.25, down 1.55 per cent from its previous
closing price.
On the National Stock Exchange, the stock fell to a low of Rs 1,064, down 1.42 per cent from its last closing price, after opening at Rs 1,070.10.
As per estimates, the firm has suffered a production loss of about 1,200 units, valued at around Rs 60 crore.
At 0946 hours, the stock was trading at Rs 1,066.10, down 1.29 per cent on the BSE, and at Rs 1,066.20, down 1.22 per cent on the NSE.
Marketmen said the fall in the counter was largely due to the labour dispute at the company's Manesar plant.
Meanwhile, the broader market was trading in the positive zone, with gains of over 166 points at 16,582.67.
Alleging sabotage by some workers, the company management decided to enforce a 'Good Conduct Bond' for workers, which seeks an assurance from the workers that they will not go slow on their work, sabotage production or indulge in activities that would hamper normal production at the plant.
The workers, however, said the management was taking'revenge' for their 13-day strike in June demanding recognition of a new union -- the Maruti Suzuki Employees Union (MSEU) -- at the plant located in Haryana.
(With additional information from PTI)
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