Mahindra & Mahindra lost 0.89% to Rs 1,218.90 at 10:14 IST on BSE after the company said it may observe no production days at some of its plants till March 2015 to align its production with sales requirements.
Meanwhile, the S&P BSE Sensex was down 257.13 points or 0.98% at 26,519.83
On BSE, so far 16,469 shares were traded in the counter as against average daily volume of 73,375 shares in the past one quarter.
The stock hit a high of Rs 1,229 and a low of Rs 1,200.40 so far during the day. The stock had hit a 52-week low of Rs 847 on 4 February 2014. The stock had hit a record high of Rs 1,421 on 4 September 2014.
The stock had outperformed the market over the past one month till 16 December 2014, falling 2.11% compared with the Sensex's 4.51% fall. The stock had, however, underperformed the market in past one quarter, sliding 10.46% as against Sensex's 1.09% rise.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
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Mahindra & Mahindra (M&M) announced after market hours on Tuesday, 16 December 2014, that the company, as part of its efforts to align its production with sales requirements, may observe on a need basis, 1 to 7 days in a month as 'No Production Days' at some of its Automotive and/or Tractor plants and /or Chakan plant of its wholly owned subsidiary Mahindra Vehicle Manufacturers during the period upto March 2015. The management does not envisage any adverse impact on the availability of products in the market due to adequacy of stocks to serve the market requirements, M&M said.
On 1 December 2014, M&M had reported 34% decline in total tractor sales to 15,333 units in November 2014 over November 2013. Separately, M&M said its total auto sales declined 13% to 34,292 units in November 2014 over November 2013.
M&M's net profit fell 4.3% to Rs 946.63 crore on 6.8% growth in net sales to Rs 9418.10 crore in Q2 September 2014 over Q2 September 2013.
Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.
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