Bajaj Auto slips as workers at Chakan plant go on strike

The company made the announcement after market hours on Tuesday, 25 June 2013.

Meanwhile, the S&P BSE Sensex was almost flat at 18,629.20.

On BSE, 3,587 shares were traded in the counter as against an average daily volume of 34,727 shares in the past one quarter.

The stock hit a high of Rs 1,780.10 and a low of Rs 1,764 so far during the day. The stock had hit a 52-week high of Rs 2,228.95 on 3 January 2013. The stock had hit a 52-week low of Rs 1,423.10 on 18 July 2012.

The stock had outperformed the market over the past one month till 25 June 2013, falling 0.20% compared with the Sensex's 5.46% fall. The scrip had also outperformed the market in past one quarter, sliding 0.13% as against Sensex's 0.28% fall.

India's second largest motorcycle maker by sales has an equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Auto said the workers had earlier given a notice for a stoppage of work at the plant from the morning shift of 28 June 2013.

The workmen have, however, stopped coming to the Chakan plant from 25 June 2013, itself, without assigning any reason for this stoppage, the company said in a filing.

The company said it had earlier received a notice from the workmen's union of its Chakan plant -- Vishwa Kalyan Kamgar Sanghatana -- stating that they propose to call for a stoppage of work by all the workmen employed in Chakan plant from the morning shift of 28 June 2013.

The reason for the strike was that management had refused to concede their demand that all the workmen working in Bajaj Auto should each be given an option to subscribe to 500 equity shares of the company at a discounted price of Re 1 per share, Bajaj Auto added.

Bajaj Auto's net profit fell 1% to Rs 766 crore on 4% rise in turnover to Rs 4990 crore in Q4 March 2013 over Q4 March 2012.

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