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Shares in commercial vehicles maker VST Tillers Tractors has dipped 3% to Rs 1,353, extending its Wednesday’s 2.4% fall on NSE, after the company said its management has decided to restrict the production to 4 days a week both at Bangalore and Hosur plant.
“Due to various reasons, the sale of power tillers and tractors has not kept pace with the plant production since October, 2014 which has resulted in carrying higher finished goods inventory. As the situation is not likely to improve in near future, the management has decided to restrict the production to 4 days a week both at Bangalore and Hosur plant,” VST Tillers Tractors said in a statement.
Meanwhile, the exchange has sought clarification from the company regarding the reasons for not keeping in pace; impact of restriction of production to 4 Days a week if any; and steps taken by company for improvement, NSE said in a statement.
The stock opened at Rs 1,389 and hit a low of Rs 1,307 on NSE. A combined around 15,898 shares changed hands on the counter till 0955 hours on NSE and BSE.
“Due to various reasons, the sale of power tillers and tractors has not kept pace with the plant production since October, 2014 which has resulted in carrying higher finished goods inventory. As the situation is not likely to improve in near future, the management has decided to restrict the production to 4 days a week both at Bangalore and Hosur plant,” VST Tillers Tractors said in a statement.
Meanwhile, the exchange has sought clarification from the company regarding the reasons for not keeping in pace; impact of restriction of production to 4 Days a week if any; and steps taken by company for improvement, NSE said in a statement.
The stock opened at Rs 1,389 and hit a low of Rs 1,307 on NSE. A combined around 15,898 shares changed hands on the counter till 0955 hours on NSE and BSE.
