Maruti Suzuki tumbles over 8% in morning trade | business | Hindustan Times
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Maruti Suzuki tumbles over 8% in morning trade

business Updated: Jul 19, 2012 11:13 IST

PTI
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Shares of Maruti Suzuki India tumbled more than 8% in morning trade on the bourses 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 Wednesday in a clash between workers and the managerial staff at the Maruti Suzuki India's Manesar plant, forcing stoppage of work.

Shares of the company opened at a weak note and then fell as much as eight per cent to an early low of Rs 1,126.70 on the BSE.

Similarly, shares of the company tumbled over 8.20% and touched a low of Rs. 1,126 on the NSE.

The company has lost as much as 16.65% 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% as against the Sensex's 2.87% rise.

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.

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.