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Bajaj Auto stock falls 2.5% as firm proposes pay cut for factory workers

BusinessToday.In     April 16, 2020

Share price of Bajaj Auto fell in early trade today after the firm said it would cut 10% salary if production does not resume from April 21. Bajaj Auto share price fell up to 2.51% to Rs 2,274 compared to the previous close of Rs 2,333 on BSE.

The proposed salary cut for factory workers will be for little over half of April and until the lockdown is lifted on May 3, according to reports. If production resumes from April 21, there will be no cut in salary.

The large cap stock is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

The stock has lost 27% since the beginning of this year and 24% during the last one year.

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Considering the rising number of coronavirus cases across the country, Modi government has extended the lockdown till May 3. Earlier, the 21-day lockdown was to end on April 14, 2020.

PM Modi on April 14 said India might have to pay a big economic price for the lockdown but there was no alternative to saving human lives.

The government has released a list of economic activity which will be allowed after April 20.

"The permitted activities from April 20, 2020 are aimed at ensuring that agricultural and related activities remain fully functional; the rural economy functions with maximum efficiency; employment opportunities are created for daily wage earners and other members of the labour force; select industrial activities are allowed to resume their operations, with adequate safeguards and mandatory standard operating protocols (SOPs); and the digital economy," a order from the home ministry said.

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