Shares of Tata Motors have fallen over one per cent following reports that production will be halted at the company’s block in Jamshedpur for three days, starting today, because of the ‘prevailing economic conditions’.
“A block closure has been announced from June 28 to 30 in the Jamshedpur plant,” Tata Motors' spokesman, Mr P. J. Singh, had said yesterday.
After opening weak, the company shares lost ground further and were down 1.46 per cent to Rs 235.10 on the BSE.
At the NSE, they were down 1.65 per cent at Rs 235.25.
The counter was the worst performer among the BSE 30 blue-chip Sensex stocks.
“We are a market driven company that is why we have taken the decision,” Mr Singh had said.
Around 10,000 employees will be affected by the three-day closure, which will be followed by a Sunday, the weekly off day.
In the broader market, the benchmark Sensex was trading at 17,009.06, up 41.30 points at 1040 hrs.