Mahindra & Mahindra (M&M) share price fell in early trade today after the auto firm said has suspended all its manufacturing operations across India due to rising number of coronavirus cases and in compliance with directive of the government.
Share price of M&M plunged 8.16% to Rs 271.50 compared to the previous close of Rs 295.65 on BSE.
Total 0.49 lakh shares changed hands amounting to turnover of Rs 1.34 crore on BSE.
Market capitalization of the firm fell to Rs 34,330 crore in early trade. The large cap stock has fallen after three days of consecutive gain.
It has lost 58.73% during the last one year and declined 47.83% since the beginning of this year.
Mahindra & Mahindra is trading lower than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
"In light of heightened concern on spread of Coronavirus and pursuant to the directive of the Indian government, we wish to inform you that company has suspended all its manufacturing operations across India. The business of the company has been affected over the last few weeks and will continue to be impacted due to the current crisis. The duration of this shutdown will depend upon directives issued by the respective government authorities in this regard. The company will continue to closely monitor the situation and take appropriate action as per regulatory guidance," the firm said.
On March 22, 2020, the company had announced suspension of manufacturing operations at Nagpur Plant with immediate effect and Chakan (Pune) and Kandivali (Mumbai) from March 23, 2020.