MM dips 1% on planned production shut down in Jaipur plant

Country's largest utility vehicle producer Mahindra and Mahindra (M&M) declined more than 2 percent intraday on Wednesday after the company said it would shut down its tractor plants at Jaipur and Rudrapur for five days and two days, respectively.

The shut down will take place for next week due to inventory pile up amidst falling sales.

"The management does not envisage any adverse impact on availability of tractors in the market due to adequacy of tractor stocks to serve the market requirements," the company said in a release.

At 11:56 hours IST, shares went down 1.05 percent to Rs 872.10 on Bombay Stock Exchange.

In the previous trading session, the share was down 3.45 percent to Rs 881.35.
 
The share touched its 52-week high Rs 974.80 and 52-week low Rs 621.75 on 10 January, 2013 and 18 May, 2012, respectively.
 
Currently, it is trading 10.54% below its 52-week high and 40.27% above its 52-week low.

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