Mumbai: Auto major Maruti Suzuki India Limited is surely in the slow lane. It has decided to shut down its operations at Gurugram and Manesar plants for the next two working days -- September 7 and 9.
The company has said that "both days will be observed as no production days" but mentioned no specific reason for its decision. But it goes without saying that the slowdown in the automobile sector has hit all auto companies, including major car manufacturers.
Maruti’s decision had an immediate impact: the company’s shares declined by 4 per cent on Wednesday. In fact, Maruti was the worst hit among the frontline companies on both the key indices during the day. With that, the company's market valuation dropped Rs 6,644.88 crore to Rs 1,76,105.12 crore on the BSE.
Reeling under severe slowdown, the auto major had reduced its production by 33.99 per cent in August, making it the seventh straight month of reduction in output.
