Bajaj Auto declined 0.74% to Rs 3,326.55 at 9:20 IST on BSE after the company said that an indefinite hunger strike of workers has commenced from 29 January 2018 at its Akurdi and Chakan facilities.
The announcement was made after market hours yesterday, 30 January 2018.Meanwhile, the S&P BSE Sensex was down 4.03 points, or 0.01% to 36,029.70.
On the BSE, 3,992 shares were traded in the counter so far, compared with average daily volumes of 14,000 shares in the past two weeks. The stock had hit a high of Rs 3,368.45 and a low of Rs 3,306.05 so far during the day. The stock had hit a record high of Rs 3,402.40 yesterday, 30 January 2018. The stock had hit a 52-week low of Rs 2,695 on 7 July 2017.
Bajaj Auto said that pursuant to letter dated 16 January 2018 received by the company from the Workers Union (Vishwa Kalyan Kamgar Sanghatana), an indefinite hunger strike has commenced from 29 January 2018 at Akurdi and Chakan plants.
The main reasons for the indefinite hunger strike as mentioned in the letter are the pending issue of eight workmen dismissed from the services for various acts of misconduct in 2013-14 and dismissal of six workmen who did not report at the place of transfer/deputation in spite of court orders, and delay in conclusion of the wage review process which is due with effect from 1 April 2016. The matter is pending before the Industrial Court, Pune and High Court of Bombay.
Inspite of considerable progress made in concluding the wage review process, the Union has chosen to adopt tools of hunger strike etc. for pursuing their unreasonable and unrealistic demands.
Also Read
The production and discipline at both the plants continue to be normal, company said.
The company will announce its Q3 results on 2 February 2018. Bajaj Auto's consolidated net profit fell 0.6% to Rs 1193.58 crore on 8.8% rise in net sales to Rs 6474.78 crore in Q2 September 2017 over Q2 September 2016.
Bajaj Auto manufactures motorcycles, three-wheelers and quadricycles. The company is the world's third largest motorcycle manufacturer and is the largest three wheeler and quadricycle manufacturer.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content