Tension gripped Hindalco on Friday after two groups of labour unions of the company clashed with each other in Hirakud. Both the groups were claiming to be the genuine union. At least 130 contract labourers were taken into preventive custody by the police to avoid any untoward incident and because they were congregating in front of the main gate of the company violating the prohibitory orders. Owing to the situation, Hindalco share price tanked around 6% on NSE as the trade opened today thus turning out to be the top loser so far.
Sources said, a labour union of Hindalco had split into two groups, and each of them is claiming to be the genuine union and using the same registration number. They had even included the office of Deputy Labour Commissioner over the issue. With the issue awaiting disposal, one of the two groups decided to hold a meeting in front of the main gate of Hindalco on Friday. The apprehending clash between the two groups, the company’s management informed the police to avoid any troublesome situation.
Meanwhile, Hindalco share price stood on the firm value of Rs. 146.05 and is holding on to it.
Subsequently, Section 144 of CrPC was publicised in Hirakud from the wee hours of Friday. Labour leader Sudesh Nag said they have decided to present a demonstration in front of the DLC office at Sambalpur on Friday. He asserted that the members of the union had gathered in front of Hindalco main gate to go to Sambalpur, but police took them into custody which is groundless.
Speaking on other issues, Nag said that in July last year, the Government had issued a notice to hike wage by Rs. 50 per day for contract labourers. Though the union has been demanding payment of revised wages since long, the management has turned a deaf ear. Even the DLC was notified of the issue but in vain.
Hindalco is top 500 performing stocks picked by Dynamic Levels for the quarter. For details on the stock, visit Hindalco share price history page of Dynamic Levels website.
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