Britannia Industries Gujarat Plant Operations Partially Affected Due To Workers' Strike

Britannia Industries Ltd. on Monday that the company's operations at its plant located at Gujarat's Jhagadia have been partially affected due to a strike that commenced on Monday.

The company is in continuous discussion with workers to resolve the situation amicably, according to an exchange filing. "At present, the impact of this event is being assessed, and the company is managing demand through available resources," it said.

The company will continue to keep the stock exchanges informed of any material developments in this regard.

Earlier, on March 6, the company's executive director and chief executive officer, Rajneet Singh Kohli, submitted his resignation to pursue an opportunity outside Britannia. The company relieved Kohli from the service during the closing hours of the business on March 14.

Shares of Britannia Industries closed 0.41% lower at Rs 4,796.85 apiece on the NSE, compared to a 1.32% higher in the benchmark Nifty. The stock has fallen 3.32% in the last 12 months.

Out of 38 analysts tracking the company, 22 suggest 'buy', 10 recommend 'sell', and six suggest 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 10.3%.