On Wednesday, India’s largest tyre manufacturer, MRF, has announced to shut down Kottayam plant in Kerala, soon after protests by three worker unions BMS, CITU and INTUC, over the past four days. Union members have stopped work for around four days, and caused a loss of Rs 22 crore, till now.

Afterwards, the company stocks were observed with heavy fluctuations while trading over 5% losses on the BSE. At 1:14 pm, the stock was reported at Rs. 6,261.70, significantly low position down with Rs. 314 or ~4.8% as compared to the previous close.

The authorities have executed an action against one Indian National Trade Union Congress (INTUC) member found culprit for commotion with a manger followed by other union members as well as members of Centre of Indian Trade Unions (CITU) and Bharatiya Mazdoor Sangh, who started to protest.

On the other hand, the Union sources have exposed that the strike was triggered by a conflict between a worker and supervisor over unauthorized leave and restricted to not join duty on Saturday. Further, the employee has succeeded to gain support from worker unions and followed a “walkout”.

The plant credits to process 80,000 MT of rubber per year and employs around 2,000 workers.