Shares of Maruti Suzuki India today recovered by 2 per cent on value-buying even as its Manesar plant remained closed for the second day after the violence on Wednesday.

The stock had opened lower by 1.73 per cent but later bounced back by 1.97 per cent to Rs 1,139.40 on the BSE. On the National Stock Exchange, the scrip rose 2 per cent to Rs 1,139.90.

The stock had tanked over 9 per cent in the last trading session.

Analysts attributed the rise to value-buying after sharp falls yesterday.

The company had stated yesterday that it was “still assessing the total damage to property and facilities from the acts of arson. What is clear is that the office facilities have been burnt beyond repair, as have the main gate, security office and the fire safety section.”

“We will shortly announce our decision on the next steps with regard to resuming operations in these facilities,” the company had said.

Yesterday 91 employees, who were arrested, were produced before a local magistrate who remanded them to 14 days judicial custody. They have been accused of various charges, including rioting with weapons, murder, attempt to murder, unlawful assembly, assault and trespass.

Mr Awanish Kumar Dev, HR GM, was burnt beyond recognition while 100 others were injured during the violence. Kumar’s body was identified yesterday by his family and the company alleged that the violence was an orchestrated act of mob, which has implications beyond one company or region.

(This article was published on July 20, 2012)
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