Marutri Suzuki shares fell over 3 per cent on Monday after the country's largest carmaker cut the number of workers it employs on temporary contracts following a plunge in vehicle sales.
The company said it employed 18,845 temporary workers on average during the six months ended June 30, down 6 per cent, or 1,181 people, from the same period last year, adding that job cuts had accelerated since April, according to news agency Reuters.
The vehicle industryis facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly.On the National Stock Exchange (NSE), Maruti Suzuki shares opened lower at Rs 5,600 apiece and dropped to as much asRs 5,508apiece in morning deals, marking a decrease of 3.17per cent.
On the Bombay Stock Exchange (BSE), the Maruti Suzuki share price declined as much as 3.20 per cent to touch theRs 5,510 mark at the day's lowest point.At 9:50 am, Maruti Suzuki shares traded 2.89 per cent lower atRs 5,528 apiece on the BSE.
On the NSE, the shares of the carmaker traded 3.03 per cent lower at Rs 5,517 apiece.Meanwhile, the S-P BSE Sensex and NSE Nifty 50 Indexesnosedived in Monday's session after Asian shares slid to 6-1/2-month lows.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India.
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.