M&M falls as workers threaten strike at Nashik over wages
The workers issued a notice to go on strike on or after March 11, if their demands for higher wages were not settled.
Mahindra and Mahindra (M&M) is trading lower by 2.5% at Rs 876 in otherwise firm market after utility vehicle major said that its workers at Nashik plant issued a notice to the management to go on strike on or after March 11, if their demands for higher wages were not settled by the company.
The workers yesterday partially stopped production at two assembly lines, causing an output loss of around 90 vehicles.
“There was a brief stoppage of work for about 3 hours in two assembly shops of the Company's Nashik Plant. There is no material effect of this temporary disruption on the production & operations front and the Management is confident that the shortfall in production of around 90 vehicles will be soon made good,” M&M said in a regulatory filing.
The Management is in regular dialogue with the Union for the normal wage negotiation process and will put in its best efforts to reach a mutually agreeable settlement at the earliest possible, it added.
The company produces high-volume utility vehicles Xylo, Scorpio, Bolero and sedan Verito at the Nashik unit.
The stock opened at Rs 897 and hit a low of Rs 874 on NSE. A combined around 1.45 million shares have changed hands on the counter till late noon deals on NSE and BSE.
The workers yesterday partially stopped production at two assembly lines, causing an output loss of around 90 vehicles.
“There was a brief stoppage of work for about 3 hours in two assembly shops of the Company's Nashik Plant. There is no material effect of this temporary disruption on the production & operations front and the Management is confident that the shortfall in production of around 90 vehicles will be soon made good,” M&M said in a regulatory filing.
The Management is in regular dialogue with the Union for the normal wage negotiation process and will put in its best efforts to reach a mutually agreeable settlement at the earliest possible, it added.
The company produces high-volume utility vehicles Xylo, Scorpio, Bolero and sedan Verito at the Nashik unit.
The stock opened at Rs 897 and hit a low of Rs 874 on NSE. A combined around 1.45 million shares have changed hands on the counter till late noon deals on NSE and BSE.