Maruti Suzuki tumbles over 8% in morning trade
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.business Updated: Jul 19, 2012 11:13 IST
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.