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Maruti shares tank 7%; labour unrest turns sticky again

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Maruti shares tank 7%; labour unrest turns sticky again
Maruti Suzuki India: Quotes, News
BSE 6978.70BSE Quote13.2 (-0.19%)
NSE 6977.70NSE Quote15.8 (-0.23%)
Shares of Maruti Suzuk, India's largest car maker plunged today, following a clash between workers and management, which led to the Manesar plant being shut.

The shares of the company were trading at Rs 1,137 lower by Rs 7.02 at 10.00 am IST on BSE

 

The plant had to previosuly shut between June and October folowing labout unrest. According to reports, at least 40 employees are injured and one killed in the clash.

This all began around noon when management suspended a worker following a fight with a senior supervisor at the factory. Workers alleged that management passed castiest comments which provoked the worker to slap the supervisor.

However, the company along with newly-formed labour union tried to resolve the matter through talks, but was not successful, which made the workers furious, who also blocked the exit, not allowing executives to leave the premises. Also fire broke out, but it was not clear how it started. The injured are admitted to near by hospitals including Gurgaon Civil Hospital.

"Workers at the Manesar plant turned violent, attacking and injuring executives and managers in the office premises. At least 40 managers and executives are injured, and have been rushed to hospital. The attackers also set fire to property and damaged facilities," Maruti said in a statement.

GoodReturns.in

Read more about: maruti suzuki
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