This article is more than 6 month old.

Wistron slashes estimate of losses from Kolar violence to Rs 26 crore-Rs 52 crore from Rs 437 crore

Mini

The Taiwanese company intimated the Taiwanese stock exchange on Tuesday that there was no material damage to its manufacturing equipment.

Wistron slashes estimate of losses from Kolar violence to Rs 26 crore-Rs 52 crore from Rs 437 crore
Taiwan-headquartered Wistron Corporation on Wednesday has revised the estimate of losses from the violence at its manufacturing plant in Kolar to Rs 26 crore-Rs 52 crore. The company had in an FIR with local police claimed losses amounted to Rs 437 crore.
The Taiwanese company intimated the Taiwanese stock exchange on Tuesday that there was no material damage to its manufacturing equipment.
"Regarding the damage to our Narasapura facility in India, the company is assessing the extent of the damages in various areas of the facility’s campus. Unlike earlier reports stated, the violence did not cause any material damage to major manufacturing equipment and warehouses, with preliminary estimates of damages in the range of NTD 100 to 200 million," the company said.
"Wistron is co-working with related government authorities and police
officials regarding investigation of this incident as well as negotiating with Insurance companies," the notification said.
Hundreds of contract workers at the facility had gone on a rampage early on December 12 sue to alleged delays in payments. Wistron executives had claimed that there was looting of iPhones during the violence and have said outside criminals were also involved apart from contract workers.
The local police has filed an FIR against 7,000 people, including 5,000 unnamed contract workers.

Market Movers

CompanyPriceChange%Loss
ONGC120.25 -4.85
Coal India146.40 -5.75
JSW Steel670.60 -25.75
NTPC113.55 -3.85
UPL808.00 -27.05
CompanyPriceChange%Loss
ONGC120.35 -4.65
NTPC113.55 -3.70
M&M784.85 -20.60
Power Grid Corp233.00 -6.70
Nestle17,678.30 -375.20
CompanyPriceChange%Loss
ONGC120.25 -4.85 -3.88
Coal India146.40 -5.75 -3.78
JSW Steel670.60 -25.75 -3.70
NTPC113.55 -3.85 -3.28
UPL808.00 -27.05 -3.24
CompanyPriceChange%Loss
ONGC120.35 -4.65 -3.72
NTPC113.55 -3.70 -3.16
M&M784.85 -20.60 -2.56
Power Grid Corp233.00 -6.70 -2.80
Nestle17,678.30 -375.20 -2.08

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.8600-0.2175-0.29
Euro-Rupee87.8770-0.4200-0.48
Pound-Rupee102.2970-0.9290-0.90
Rupee-100 Yen0.6699-0.0019-0.29