NMDC shares fell amid work to rule protest by trade unions
The company emphasised that it is working to find a solution and get back to normal production.
NMDC shares fell amid work to rule protest by trade unions
Due to trade unions' work-to-rule protest, iron ore producer NMDC reported a halt in operations at its iron ore projects. A work-to-rule protest involves employees strictly following official procedures, which slows down production without completely halting work.
"We hereby inform that the trade unions have resorted to willful slowdown of work and work-to-rule in connection with wage settlement. The conciliation proceedings before the Chief Labour Commissioner in New Delhi are posted for 17th March 2025," the company said in a press statement.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
The company emphasised that it is working to find a solution and get back to normal production. However, the trade union actions have led to a reduction of approximately 30-40% in daily production at NMDC's Iron Ore projects, specifically in the Kirandul, Bacheli, and Donimalai complexes.
Despite the slowdown, NMDC clarified that the assets are fully insured, and the financial impact of the strike is currently assessed as negligible. "The NMDC management is putting its best effort to resolve the issue at the earliest for resuming production at a normal level," it said.
Shares of NMDC Ltd were closed lower by 2.22% at Rs 65.64 at NSE.