Strike at M&M plant continues

Employee strike at Mahindra & Mahindra’s (M&M) Nashik plant over wage negotiations, which started on Tuesday, has hit production of about 500 vehicles. “The company has had a production loss of around 500 vehicles till date, which currently will have no immediate impact on sales as it has three weeks stock in the pipeline,” M&M said in a statement. The company produces utility vehicles Xylo, Scorpio, Bolero and sedan Verito from the unit.The Mumbai-based automobile and farm equipment manufacturer said in an exchange filing that it had received a notice of strike from the employees union at its Nashik plant. Shares in the company fell 2.16 per cent to Rs 878.35 on Wednesday.