Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Tata Motors shut plants for days as demand slacks
BackBack

Tata Motors shut plants for days as demand slacks

Tata Motors shut plants for days as demand slacks

Premium

Mumbai: India’s largest vehicle maker, Tata Motors Ltd, will shut its commercial vehicle plant in Jamshedpur for five days amid slowing demand, the Financial Express newspaper reported on Sunday.

The plant, which had already shut for three days from 6 Novenber, will be closed again from 25-29 November, the newspaper said.

Vehicle sales have been slumping across the world as economies weaken and consumers cut back on spending, forcing many automakers to consider output cuts.

“Across the industry, it has been seen in the month of October 2008 that unavailability of finance coupled with high interest rates is forcing customers to postpone purchases," the newspaper quoted Tata Motors as saying.

“The sales slowdown witnessed would call for appropriate action from Tata Motors from time to time to match the production with demand and avoid unnecessary build-up of inventories in the company or with its dealers." it added.

Earlier this month, Tata Motors said it would close two of its commercial vehicle plants for six days to avoid unnecessary inventory build-up.

It said its plant in Pune, in the western state of Maharashtra, will be shut 21-26 November, while its plant in Lucknow would be shut 10-15 November.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 23 Nov 2008, 12:47 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie