COVID-19: Companies shut down production
In the wake of the lockdown, Maruti Suzuki has shut down production and office operations at its facilities in Gurugram and Manesar (Haryana) with immediate effect till further notice. The R&D centre at Rohtak will also remain closed. The company informed this to the bourses on March 22.
Further, the country’s leading paint producer, Asian Paints also informed that in view of the lockdown in many of the states across the country, the operations in most of its locations are disrupted. The operations in all the manufacturing and most of the sales locations, including home improvement and industrial business, will be shut down. All the employees in its offices have been instructed to work from home.
Bharat Forge has temporarily suspended operations at all of their offices and manufacturing locations in India from March 23, 2020 to March 31, 2020. The said suspension is to ensure employees' safety and to contain the spread of Coronavirus.
Other companies that have also shut down their production or closure of shops are Enkei Wheel, DCM Shriram, Subros, Aditya Birla Fashion, Lumax Industries, Escort, Eicher Motors, TVS Motors, Whirlpool SML Isuzu, etc.
The market is witnessing a massive sell-off across the globe. The benchmark index BSE Sensex, which was locked in an upper circuit in the early morning is now trading at 26,337.78 down by 12 per cent.