Maruti Suzuki scrip jumps 3% on bourses

Shares of Maruti Suzuki India (MSI) gained over 3% in morning trade on the bourses today after the 13-day strike at its Manesar plant was called off late yesterday.

Cheering the news, shares of the company went up by 3.69% to touch an early high of Rs 1,233.35 on the BSE, while on the NSE, the stock touched a high of Rs 1,232, up 3.25% from its previous close.

Later, the scrip trimmed much of the initial gains and was trading down by 0.08% on the BSE.

Following a deal brokered by Haryana Chief Minister Bhupinder Singh Hooda between the workers and the management, the 13-day strike at the country's largest car-maker MSI's Manesar plant in Gurgaon was called off late yesterday.

As part of the deal, MSI will reinstate all 11 workers that it sacked and take a lenient approach on enforcing a no-work-no-pay rule of eight day's salary cut for every single day of the strike.

On June 4, the workers went on strike demanding the recognition of a new union, Maruti Suzuki Employees Union (MSEU), formed by those working at the Manesar plant.

During the period, Maruti's counter has declined by over 3% on the bourses.