Maruti Suzuki India shares have tanked following overnight violence at its Manesar plant.
The company had to shut down the plant at Manesar due to the eruption of fresh labour strife and violence among its staff.
Maruti Suzuki will keep its Manesar plant shut on Thursday as well, according to reports.
The company shut the plant on Wednesday evening after workers and management clashed violently, according to reports. A charred body has been found on the factory premises, reports added.
Maruti has filed a police complaint against some of its workers, according to reports. The police has also arrested some of the rioting workers.
The stock is currently trading at Rs 1,133, down 7.5% from the last close. The stock earlier hit a day's low of Rs 1,126 and a day's high of Rs 1,175.
Total traded quantity on the counter stood at 5.8 lakh shares on BSE as against a two-week average of 49,000 shares.
Labour unrest at the Manesar factory cost Maruti more than Rs 25bn in lost production in 2011.
Manesar factory has a capacity of 550,000 vehicles a year and accounts for around a third of Maruti's total output.
"The police have taken charge of the premises," Maruti Suzuki spokesman Puneet Dhawan was quoted as saying. "One body was recovered from the premises. It is charred beyond recognition," he added.
More than 90 workers have been arrested following the unrest at the Manesar plant in Haryana, K.K. Sindhu, commissioner of police in Gurgaon, was quoted as saying. Over 90 people were sent to hospital with injuries, he said.
The latest labour strife at Maruti's Manesar plant was triggered by a disciplinary issue involving an employee, the company and the union said.
"To resolve the issue amicably, members of the senior management met the union. During the talks, the workers attacked the members of the senior management, executives and managers," Maruti said in the statement issued late on Wednesday.
A statement from Ram Meher, the President of the Maruti Suzuki Workers Union, accused company officials of resorting to anti-worker and anti-union activities in a pre-planned manner, leading to violence and the closure of the factory yesterday.
"The gates were closed by the security on behest of the management and the bouncers brutally attacked the workers with sharp weapons and arms," Meher said.
"They, joined by some of the managerial staff and police later, beat up a number of workers who have had to be hospitalised with serious injuries. The bouncers, who are anti-social elements on hire, also destroyed company property and set fire to a portion of the factory," he said.
The union is keen to sit down to talks with the company and government officials to resolve the dispute, Meher added.