Automobile major Maruti Suzuki on Tuesday bounced back from its initial losses and closed one per cent up on bourses even as the impasse between the management and workers at Manesar plant over product quality issues entered the second day.
The company shares opened on a weak note on the Bombay Stock Exchange and plunged to an intra-day low of Rs 1,063.25 a piece, down 1.55 per cent.
On the National Stock Exchange, the stock went down 1.46 per cent intra-day.
It bounced back and settled 1.14 per cent up at Rs 1,092.35 on the BSE. On NSE it ended up up 1.42 per cent at Rs 1,094.70.
Stock market brokers said the initial fall in the counter was largely due to the management-worker stand-off, but then bottom fishing emerged in the counter which helped the stock to recover its early losses.
The overall bullishness in the market also helped the counter to end the day in the positive terrain, they said.
Maruti Suzuki India on Tuesday said it has suspended 16 more permanent workers and discontinued services of 12 trainees as the stand-off between the management and workers at its Manesar plant intensified, halting production for the second day.
Production at Manesar plant affected on Monday, with the company preventing workers from entering the factory without signing a 'good conduct' bond following alleged "sabotage" resulting in quality issues that arose last week.