Sharda Motor Industries discontinues business operations at Surajpur, Uttar Pradesh; Stock ends 6% lower

Maruti Suzuki business for model 'Gypsy' was discontinued due to demerger of seating business of the company.

Apr 12, 2021 05:04 IST India Infoline News Service

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Sharda Motor Industries on Monday has informed that the Company has shut a manufacturing unit at Greater Noida from where it supplied canopies to Maruti Suzuki and Mahindra & Mahindra.

The entire business operations and activities carried out at a unit of the company located at Surajpur Bypass Industrial Area, Greater Noida in Uttar Pradesh for manufacturing and supply of canopies for Maruti Suzuki and Mahindra & Mahindra, has been discontinued, confirmed by the Company.

The following reasons are to be describe by the Company as under:
  • Maruti Suzuki business for model 'Gypsy' was discontinued due to demerger of seating business of the company.
  • Production and supply facility for Mahindra & Mahindra business are being shifted to Nasik - unit located in state of Maharashtra.
Sharda Motor Industries ended at Rs1,897.40 per piece down by Rs118.15 or 5.86% from its previous closing of Rs2,015.55 per piece on the BSE.

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