Mahindra & Mahindra started 1.6% lower at Rs 824 on account of labour unrest at its Igatpuri engine plant.
In a filing to the BSE, the company has informed that there has been a stoppage of work at the Company's Igatpuri Plant due to a tool down strike by the Union. This is post the suspension of two workmen on disciplinary grounds one of them being an union office bearer. The Company is in constant dialogue with the union for an early solution of the issue.
The company also clarified that it currently has sufficient stock of engines for production of its vehicles. This plant mainly manufactures engines for most of M&M's popular models such as XUV500, Scorpio, Xylo, Bolero Maximo and Genio.
The stock opened at Rs 837.30 and hit a low of Rs 821.75 in the opening trades. Over two lakh shraes changed hands on the BSE and NSE.
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