Maruti stock drops on bourses in morning trade
Mumbai: Maruti Suzuki India (MSI) slipped on the bourses in morning trade Tuesday, hit by news reports that the car-maker has sacked 11 employees at its Manesar facility, which has been crippled by a strike since Saturday.
Shares of the country`s largest car maker fell by 2.1 per cent to touch a low of Rs 1,206 on the Bombay Stock Exchange (BSE), while on the NSE, it went down by 1.70 per cent to hit an early low of Rs 1210.95.
Maruti Suzuki Monday sacked 11 employees at the Manesar facility, which has been crippled by a strike since Saturday, resulting in a production loss of about 1,800 units so far.
"The stock is trading under pressure because of the ongoing strike. If no patch-up is reached between the management and the workers, there can be more damage to the stock," Ashika Stock Brokers Research Head Paras Bothra said.
Meanwhile, the BSE benchmark Sensex was trading flat at 18,402.08 at 1106 hours.