Maruti Shares Fall 4%; M-cap Drops by Rs 6,645 Crore After it Decided to Shut Down Haryana Plants for 2 Days
New Delhi: Shares of Maruti Suzuki India (MSI) declined 4 per cent on Wednesday after the company said it will suspend production at its Gurugram and Manesar plants in Haryana for two days.
The scrip fell 3.64 per cent to close at Rs 5,829.75 on the BSE. Intra-day, the stock tumbled 4.15 per cent to Rs 5,798.25. On the NSE, shares dropped 4 per cent to close at Rs 5,805.20. It was the worst hit among the frontline companies on both the key indices during the day.
The company’s market valuation dropped Rs 6,644.88 crore to Rs 1,76,105.12 crore on the BSE. The company said it will halt manufacturing operations at the two facilities on September 7 and 9.
“Both days will be observed as no production days,” it said in a statement. Reeling under severe slowdown, the auto major had reduced its production by 33.99 per cent in August, making it the seventh straight month of reduction in output.
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