A workers' strike at Mahindra & Mahindra’s (M&M) Nashik plant over wage negotiations, which started on Tuesday, has hit production of about 500 vehicles.
”The company has had a production loss of around 500 vehicles till date, which currently will have no immediate impact on sales as it has three weeks stock in the pipeline,” M&M said in a statement.
The strike started on March 5 at 6:00 p.m. and is is still continuing, the company said.
The company produces utility vehicles Xylo, Scorpio, Bolero and sedan Verito from the unit.
”Mahindra and Mahindra believes in fair treatment and will keep its dialogue ongoing with the union representatives for stoppage of the current tool down and a planned strike so as to reach a mutual agreement,” it added.
The Mumbai-based automobile and farm equipment manufacturer said in an exchange filing that it had received a notice of strike from the employee’s union at its Nashik plant.
Shares in the company, which fell 2.16 per cent to Rs 878.35 on Wednesday, were down by 0.62 per cent on Thursday.