Jamna Auto opened higher by over 5% at Rs.42.30 but soon slipped into the red where it stays for now. It went down to Rs.36.70, down almost 9% and not too far from its 52-week low of Rs.34.50.
Another victim of the auto sector slowdown. The company has said, “ln view of the weak customer schedule and high inventory, the company has made changes in production schedule at a1l its plants. The plants may not run or partially run on all working days in August, 2019. Plants shall carry out routine maintenance and cleaning during non-working days.”
Jamna Auto is one of India's largest makers of tapered leaf springs and parabolic springs for automobiles, joins a growing list of auto components manufacturers, including Bosch Ltd and Wabco India Ltd, that have trimmed production amid a demand slump.