Shares of Mahindra and Mahindra (M&M) slipped 1.6 percent intraday on September 16 after the company declared no production days. The cessation period will last between 8-17 days across multiple production facilities.
The ‘No Production Days’ will be also observed by company’s wholly owned subsidiary Mahindra Vehicle Manufacturers and will take place during the second quarter of the Financial Year 2019-2020.
The company had earlier said in August that it would be observing no production days for 8-14 days across its automotive sector plants in the July-September quarter.
Farm equipment sector may also observe the no production days for 1-3 days.
The management does not expect any adverse impact on vehicle availability as inventory is adequate to meet market requirements
At 0951 hrs, Mahindra and Mahindra was quoting at Rs 544.80, down Rs 6.30, or 1.14 percent on the BSE.
News Source:- Moneycontrol