TVS Electronics stock drops ~3% after extending closure of operations in Chennai

The company had halted operations in Chennai from mid-June due to re-introduction of Covid-19 lockdown in Tamil Nadu.

Jul 02, 2020 12:07 IST India Infoline News Service

TVS Electronics Limited has extended the closure of operations at its registered office, head office and other centres in Chennai until July 5, 2020. The company had halted operations in Chennai from mid-June due to re-introduction of Covid-19 lockdown in Tamil Nadu.

The company is currently trading at Rs99.50, down by Rs2.9 or 2.83% from its previous closing of Rs102.40 on the BSE.

“In view of the widespread Covid-19 pandemic and extension of lockdown announced by the Tamil Nadu Government, the company continues to halt operations at its Registered Office, Head Office and other centres situated at Chennai until July 5, 2020,” company updated the exchanges on Wednesday.

The corporate functions are being carried out under the company’s “Work From Home” Policy. The company continues to carry out its operations in all the other locations in accordance with the guidelines issued by the Central Government, respective State Government and local authorities.

The company is consistently monitoring the developments and taking various measures to ensure health and safety of its employees and their families, customers and various stakeholders and to minimize the impact of the outbreak of Covid-19 on production and volume of business.

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