The share price of SML Isuzu Ltd fell over 2% intraday after the company said in its latest filing that it has decided to observe Block Closure of Chassis Division for six days due to continued low demand in the automobile sector.
Reacting to the filing submitted on September 13, the share price of SML Isuzu Ltd formed a gap down chart pattern and fell 2.25% intraday to Rs 605, against its previous close of Rs 618.95 on BSE. The stock has fallen over 2% in the last one week. The stock price currently trades higher than the 30-day moving average, but lower than 50,150 and 200-day moving averages.
"We wish to inform you that due to continued low demand in the Automobile Sector, the Company has decided to observe Block Closure (Chassis Division) for 6 days from 16th September, 2019 to 21st September, 2019 at its manufacturing plant (located at Village Asron, Distt. Nawanshahr)", the regulatory filing stated.
The filing further added that need-based production will continue in the Bus Body Division.
As of 1415 IST, the share price of SML Isuzu Ltd was trading 1.89% lower at Rs 607 on BSE.
By Rupa Burman Roy