Premier share price slipped 3 percent intraday on March 4 after the company suspended its activities at the Chakan plant.
The company management has been compelled to suspend its activities at the Chakan plant with immediate effect until further notice, as per company release.
The company has been facing severe financial hardship due to paucity of working capital and the overall recessionary conditions in the economy coupled with the production stoppage due to the relocation of its plant from its existing site at Chinchwad to Chakan, Pune for the past year.
This has been reflected in the financial results of the company, it added.
The management will restore operation once the present situation normalizes for which all efforts are in progress.
At 14:48 hrs, Premier was quoting at Rs 1.60, down Rs 0.05, or 3.03 percent on the BSE.
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