Bajaj Auto is preparing itself for an eight-week halt, its MD and CEO Rajiv Bajaj told CNBC-TV18. The auto major’s plants at Akurdi, Chakan, Aurangabad and Pantnagar will shut from March 23 as ‘safety of our employees is paramount’, Bajaj said.
Cautioning investors, he said the situation is changing rapidly not just in India but even in our export markets. The Bajaj Auto stock is trading at Rs 1,956.35, down 12.75 percent or Rs 285.95 on the NSE at 11:42 am.
He assured employees that there will be no job losses or salary cuts till March 31.
On March 22, various automakers like Maruti Suzuki India, Honda Cars, Mahindra & Mahindra (M&M) and Fiat temporary halted manufacturing operations at their respective facilities. Two-wheeler makers Hero MotoCorp, Honda Motorcycle and Scooter India and Suzuki Motorcycle India (SMIPL) have also suspended production.
Automobile companies are suspending production as a precautionary measure in light of the novel coronavirus, or COVID-19, outbreak and in line with the state governments' directives.
India reported three more coronavirus deaths on March 23, including the first casualties from Bihar and Gujarat, taking the death toll to seven and the number those infected to 360.To catch all live updates on the coronavirus pandemic, click here…