Shares of Maruti Suzuki India dropped to a one-year low on the bourses today as workers continued their sit-in strike at the company’s Manesar plant for the eighth consecutive day, with production activities at a complete standstill.
The scrip of the car-maker fell 2.39 per cent to a 52-week low of Rs 1,031.05 on the BSE. Similarly, on the NSE, the stock went down 2.57 per cent to a one-year low of Rs 1,031.
Defying the high court’s orders, workers continued their sit-in strike on the premises of Maruti’s Manesar plant.
The strike by workers at Suzuki Powertrain India Ltd (SPIL) in support of their colleagues at the Manesar plant has made the situation even more precarious for the Maruti Suzuki India management.
The company has decided to stop production at its main factory in Gurgaon today and tomorrow on account of a severe shortage of engines and transmissions due to the strike at SPIL.
Yesterday, the Punjab and Haryana High Court had directed that there would be no sit-in strike within 100 metres of the premises of MSI’s factory at Manesar. However, workers have defied the order.