No adverse financial impact due to coronavirus pandemic: Hindustan Motors

There has been no significant adverse impact on the company's financial position for the financial year ended March 31, 2020, the company said
Hindustan Motors (HM) on Monday said there is no adverse financial impact on the company due to the coronavirus pandemic.

In view of outbreak of Covid-19 and the subsequent lockdown imposed by the central and state governments, the company is closely monitoring the impact of this pandemic, Hindustan Motors said in a regulatory filing.

There has been no significant adverse impact on the company's financial position for the financial year ended March 31, 2020, as both of its manufacturing plants located at Uttarpara (West Bengal) and Pithampur (Madhya Pradesh) were already under "suspension of work/layoff" prior to imposition of lockdown, it added.

The company had closed Uttarpara plant citing severe cash crunch due to poor sales of Ambassador cars.


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel