M&M down 0.6% on notifying no production days for Q2FY20
Mahindra & Mahindra is trading down 0.65% on announcing its no production days in a filing on the NSE.
The company released a filing saying, "The Company at its Automotive Sector, and Mahindra Vehicle Manufacturers Limited, a wholly owned subsidiary of the Company ("MVML"), as part of aligning its production with sales requirements, would be observing 'No Production Days' ranging between 8 - 14 days in various plants of the Company and MVML during the second quarter of the Financial Year 2019-2020."
The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements, the company added.
The auto sector is undergoing immense strain owing to weak demand and tight liquidity in the country. Many automakers have cut production days to align it with demand as inventory remains piled up.
Mahindra & Mahindra Ltd is currently trading at Rs536 down by Rs3.5 or 0.65% from its previous closing of Rs539.50 on the BSE.
The scrip opened at Rs542 and has touched a high and low of Rs543.45 and Rs530.25 respectively. So far 21,12,586 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs67,070.24cr.
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