Escorts tanked 6.58% to Rs 630.75 after the automobile firm informed that the District Magistrate of Faridabad has ordered for a closure of all offices and production facilities based out of Faridabad district to control the transmission of COVID-19.
As per the company's press filing, Escorts has vowed to fully extend its support and cooperation to the notification issued by The District Magistrate of Faridabad and has taken immediate steps for the shutdown of all offices and suspension of all operations within Faridabad district, in Haryana, except the services, as permitted under the same notification.
As per the intimation sent, all Faridabad-based offices and plants across the company were shut from Sunday, 22 March 2020 until Tuesday, 31 March 2020, or till further notice, as stated by the District Magistrate.
The announcement was made on Sunday, 22 March 2020.
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)