Indus Motor extends plant shutdown amid supply chain disruption
MG News | August 24, 2023 at 03:30 PM GMT+05:00
July 20, 2023 (MLN): Indus Motor Company Limited (PSX: INDU) has decided to completely shut down its plant from August 25 to September 06, 2023, amid supply chain disruptions, the company’s filing on PSX revealed today.
In the fiscal year 2022-2023, due to a challenging environment, low consumer purchasing power, and an increase in duties and taxes by the government, the demand for the auto sector has continuously declined.
INDU and its vendors are facing significant hurdles in importing raw materials and receiving clearance for their consignments from commercial banks.
Accordingly, the company has insufficient inventory levels and cannot continue its production activities.
This development follows company's announcement of a complete shutdown of its plant from July 21 to August 3, 2023
At the time of writing, the company’s share is being traded at Rs973.89, up by Rs20.39 or 2.14% as compared to its previous close.
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