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Mahindra to halt production for up to three days

LiveMint logoLiveMint 21-05-2014 Shally Seth Mohile

Mumbai: Mahindra and Mahindra Ltd, India’s largest utility vehicle maker, will stop production at its factories for three days in May to align production with sales, the company told stock exchanges.

“The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements,” it said.

The halt indicates low demand as buyers postpone buying in a sluggish economy.

Mahindra’s passenger vehicle sales have been falling for more than a year. Sales in April contracted 15% to 34,107 units over a year ago.

Production will also halt for three days in May at its unit Mahindra Vehicle Manufacturers Ltd at Chakan near Pune.

Mahindra’s shares shed 0.1% to `1,134 at 2.20 pm on BSE. The benchmark Sensex lost 0.3% to 24,299 points.

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