Balkrishna Inds shuts down offices, manufacturing operations

Balkrishna Industries fell 2.82% to Rs 829 after the company said operations at its offices and plants across India will remain closed until the lockdown is lifted.

"In view of Central Government directive of locked down of entire country and keeping in mind the safety and well-being of all the employees and stakeholders, the operations of head office, other offices and plants across India will remain closed until the lockdown is lifted. The expected financial impact of this is not ascertainable at this stage," the company said in a statement after trading hours yesterday, 25 March 2020.

The company said it is closely monitoring the situation and will take necessary steps and keep the stock exchange informed about further developments.

The company's consolidated net profit rose 48.2% to Rs 223.80 crore despite 3.5% fall in net sales to Rs 1,155.76 crore in Q3 December 2019 over Q3 December 2018.

Balkrishna Industries is a tire manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening.

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