As the end-season prices almost reaching Rs 50,000, there was no point in continuing normal production, as the prices of yarn were not matching the higher cost of production, putting the mills into heavy loss, industry sources said.
The yarn prices were bound to increase, as a result of the shortage by cutting down production and almost 60 to 65 per cent of textile mills resorted to down their production, either by giving one or two weekly offs or reducing the shifts, they said.
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