Atlas Cycles slumps 5% after laying off its workforce at Sahibabad unit

Post lifting of lockdown with effect from June 1, 2020, Sahibabad unit of the company is not in a position to resume manufacturing operations due to financial constraints.

Jun 03, 2020 10:06 IST India Infoline News Service

Atlas Cycles (Haryana) Limited has laid off the workforce of its Sahibabad unit after not being able to resume manufacturing operations due to financial constraints.

“Post lifting of lockdown with effect from June 1, 2020, Sahibabad Unit of the company is not in a position to resume manufacturing operations due to financial constraints. Hence, the workforce of Sahibabad Unit of the company will be laid off with effect from June 3, 2020, till adequate arrangement of funds is made,” the company informed the exchanges on Tuesday.

The company’s operations were closed down after lockdown was imposed in the last week of March to curtail the spread of Covid-19.

Atlas Cycles (Haryana) Ltd is currently trading at Rs47.50, down by Rs2.5 or 5% from its previous closing of Rs50 on the BSE.

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