Maruti shares tank further as lockout continues

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Maruti shares tank further as lockout continues
Maruti Suzuki India: Quotes, News
BSE 4272.80BSE Quote81.35 (-1.87%)
NSE 4276.35NSE Quote77.4 (-1.78%)
Shares of Maruti Suzuki fell again on Monday after recovering a bit on Friday, on news that the company will not open today as reported earlier.

The shares plunged after the chairman of the auto maker said that the Manesar factory is still not ready to reopen as the situation remains volatile.

A media report quoted Maruti Suzuki India (MSI) Chairman R C Bhargava as saying "There is now a lockout. To me, what is more important is safety of my colleagues than producing some cars to make some money".

There is also reports that the production of some of the company's cars, including A-star, Swift, Swift DZire, SX4 and Ritz, will come to a halt.

The company also said that it has 26,000 units in its inventory at present that would be dispatched to the country wide dealers.

On Wednesday, the India's largest car maker plunged, after it shut abruptly, following a clash between workers and management.

Last year by the end of March, the company had held a 44% share of the passenger car market, which drifted lower to 38.4%.

The shares of the company ere seen trading lower by 4.92% at Rs 1,088 on BSE at 10.05 am IST, after touching intra day low of Rs 1,082.50.

Read more about: maruti suzuki
Story first published: Monday, July 23, 2012, 10:28 [IST]
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