Financial meltdown hitting India's industries

{image-Indian industry_10112008.jpg news.oneindia.in}New Delhi, Nov 10: The financial meltdown is hitting India's industries and the economic slowdown seems to have caught up with Tata Motors.

Tata Motors has shut its Lucknow plant for six days starting on Monday, Nov 10 and has decided to shut down its Pune plant from November 21 to November 26. Workers are being asked to go on a three-day forced leave and three-day leave on half-pay. It will be a six-day forced leave for employees. Additionally, they have been asked to write and submit a leave application for the six days. Meanwhile, reports are coming from steel giant Sail that it has decided to cut production at Rourkela plant on fall in global demand.

This comes even when the company's second quarter net profit was up 18.16 per cent.

OneIndia News