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Maruti Suzuki Slips 4% Despite Resuming Operations At Manesar Plant

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Shares of Maruti Suzuki India Ltd fell over 4 percent on Tuesday even as the company resumed operations in its Manesar plant in Haryana after around 40 days of closure due to the nationwide lockdown.

Operations of the country's largest carmaker were suspended at its Manesar as well as Gurugram facilities since 22 March.

Maruti Suzuki Slips 4% Despite Resuming Operations At Manesar Plant
Maruti Suzuki India: Quotes, News
BSE 4769.00BSE Quote331.65 (-6.95%)
NSE 4770.75NSE Quote329.65 (-6.91%)
 

The facility has commenced operations on a single shift basis with up to 75 percent employees allowed currently, Maruti Suzuki India (MSI) Chairman R C Bhargava told PTI.

When asked about the timeline of full-swing operations, Bhargava told the news agency that would depend on government regulations like when two shifts would be allowed, when manpower could be increased and when supply chain would become fitter. "There are many variables involved."

On 22 April, despite the Haryana government's permission to reopen its facility, the company had said it will resume operations only when it can maintain continuous production and sell vehicles, "which is not possible at this point of time".

Maruti Suzuki is scheduled to declare its financial results for the March quarter and recommend dividend, if any, on 13 May.

Brokerage firms expect the company to report a decline in revenues. Kotak Institutional Equities sees a likely revenue decline of 12 percent on a year-on-year basis for the last quarter of 2019-20 and Nomura is of the view that it will fall 13 percent on the back of volume drop.

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