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Maruti Suzuki workers end strike

Maruti Suzuki workers end strike
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First Published: Fri, Jun 17 2011. 12 58 AM IST
Updated: Fri, Jun 17 2011. 12 58 AM IST
New Delhi: The protesting workers and the management of the Maruti Suzuki India Ltd have agreed to end the strike after a negotiation ended successfully on late Thursday night.
The Maruti Suzuki’s spokesperson told Mint: “We have reached a solution. Eleven sacked employees will be taken back. But the company did not agreed to the formation of an independent union.”
However, the “protesting workers will loose salary of 33 days,” said the spokesperson.
The strike started on 4 June following the unwillingness of the Maruti Suzuki management to allow the formation of a new workers union. Taking a strong stand, the company also sacked 11 workers leading the protest.
The strike has resulted in a revenue loss of nearly Rs550 crore and a production loss of over 12,600 cars for Maruti. The company’s stock declined 1.7% to end trade at Rs1,189.45 on the Bombay Stock Exchange. The car maker’s stock dropped for the third straight day.
prashant.n@livemint.com
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First Published: Fri, Jun 17 2011. 12 58 AM IST