Raymond slips after strike by workmen at Chhindwara unit

Shares of Raymond were down over 1% at Rs 436 on the Bombay Stock Exchange after the company said that workmen at its Chhindwara Textile Plant have gone on strike due to unreasonable and unlawful bonus demands.

The said strike has been declared illegal by the concerned Labour Authorities, the release said adding that the management is in dialogue with the workers and is trying to resolve the situation.

The release further said that the Company’s Vapi and Jalgaon Textile Plants continue with their normal operations and the Company does not expect the said strike at the Chhindwara Textile Unit to impact the availability of the finished products in the market place.

The stock opened at Rs 436 and touched a low of Rs 426. At 2:10pm, over 73,000 shares were traded on both the stock exchanges.