Hit by strike, GSK Consumer temporarily suspends operations at Punjab plant

GlaxoSmithKline Consumer Healthcare has suspended operations temporarily at its factory in Nabha Patiala in Punjab effective May 21 following disruptions created by its workforce.

"Due to certain disruptions created by the workforce/ flash strike... The management of the company has decided to suspend operations temporarily at its factory located at Nabha Patiala - 147201 with effect from the night of May 21, 2016," GSK Consumer Healthcare said in a Bombay Stock Exchange (BSE) filing on Monday.

The company added that it took the step "in the interest of safety and security of its employees and to protect the assets of the factory".

Last week, GlaxoSmithKline (GSK) Consumer Healthcare reported an 8.18% decline in its standalone net profit for the March quarter at Rs 180.7 crore.

The company had posted a net profit of Rs 196.8 crore for the corresponding period a year ago.

Its net sales during the period under review was down 9.63% to Rs 1,052.8 crore from Rs 1,165.1 crore in the same period last fiscal.

For the full fiscal, GSK's standalone net profit rose 17.7% to Rs 686.9 crore as against Rs 583.6 crore in 2014-15.

However, its net sales declined 0.72 per cent to Rs 4,106.6 crore in 2015-16, from Rs 4,136.4 crore a year ago.

At 13:51 hours, the stock of GlaxoSmithKline (GSK) Consumer Healthcare was trading up 0.47% or Rs 27.35 at Rs 5,840.90 per scrip on the BSE.