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Arshiya Int share falls 10% as staff strike enters fifth day

Over 250 employees of logistics player Arshiya International continued strike for the fifth consecutive day on Monday, alleging their demand for outstanding salaries was not addressed adequately by the company?s management.

Over 250 employees of logistics player Arshiya International continued strike for the fifth consecutive day on Monday, alleging their demand for outstanding salaries was not addressed adequately by the company?s management. The management, however, claimed that there are just a handful of people who are ?misguiding other employees and creating havoc?.

Shares of the cash-strapped company fell 10% on BSE on Monday to close at R63.20. The company?s stock has fallen 49% in the past five days. Arshiya, which has a market capitalisation of R391 crore, has a debt of R2,500 crore. For the second quarter ended September 30, the company posted a 11% rise in net profit at R35.43 crore.

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First published on: 15-01-2013 at 00:24 IST
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