Kirloskar Electric Company Ltd on Monday (October 16) said the company announced the initiation of a lockout at its Unit No. 15, located in Bhudihal, Nelamangala taluk, Bengaluru. The lockout came into effect on October 16, 2023, at 6.30 am due to alleged non-cooperation by the workers at the facility, according to a stock exchange filing.

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"This is to inform that, the Management has declared lockout at the Company’s unit no. 15 situated at Bhudihal, Nelamangala taluk, Bengaluru Rural District with effect from October 16, 2023, at 06:30 AM," the company said.

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The company is closely monitoring the situation and has promised to provide updates on any further developments as the situation unfolds. Additionally, Kirloskar Electric is in the process of evaluating the financial impact and losses incurred as a result of the lockout.

Shares of Kirloskar Electric Company Ltd ended at ₹131.95, up by ₹4.30, or 3.37%, on the BSE.

(Edited by : Shoma Bhattacharjee)