Maruti Suzuki India informed that it has halted production at its various facilities in Harayana as a precaution against the spread of COVID-19.
The scrip slumped 10.06% to Rs 4566.10. The stock has traded in the range of Rs 4539.20 and Rs 4698 so far during the day.
In an exchange filing made on Sunday, the company informed that Maruti Suzuki has been taking all recommended precautions in its operations against the spread of COVID-19, which includes sanitization and hygiene, temperature checks, maximizing video-conferencing and minimizing contact, closing employee travel, health and distancing advisories to employees and following all government directions on the subject.
It said that as a next step, the government policy now requires closure of production and accordingly the company has taken a decision on production closure.
The company will shut production and office operations at its facilities in Gurugram and Manesar, Haryana with immediate effect till further notice. The R&D Centre at Rohtak will also remain closed, it added.
The duration of this shutdown will depend upon Government policy, the company said in a statement.
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Maruti Suzuki India (MSIL) is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles). The other activities of the firm comprise facilitation of pre-owned car sales, fleet management and car financing.
The auto maker's consolidated net profit rose 4.1% to Rs 1586.90 crore on a 3.8% rise in net sales to Rs 19,655.50 crore in Q3 December 2019 over Q3 December 2018.
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