The corporate has additionally stopped its manufacturing unit operations in Karnataka, Tamil Nadu and Odisha until March 31, 2020, in keeping with the native tips, Aditya Birla Trend and Retail mentioned in a regulatory submitting.
“With a view to safeguard the dangers to the well being of our retailer staff & prospects, in addition to in keeping with the advisories from native, state and central authorities, the corporate has determined to close all its retail shops till March 31, 2020,” it mentioned.
The corporate had already moved to “earn a living from home” coverage for all its workplace staff.
“The enterprise of the corporate has been considerably affected over the previous couple of weeks and can proceed to be materially impacted because of the present disaster. The uncertainty across the state of affairs makes it troublesome to determine the precise influence at this level of time,” the corporate mentioned.
The corporate additional famous that “it can proceed to evaluate the state of affairs and can think about resumption of its enterprise operations at an applicable time”.
ABFRL, with income of Rs eight,118 crore and with a retail area of seven.5 million sq ft (as on March 31, 2019), is India’s first billion-dollar pure-play trend powerhouse. It has a community of two,714 model shops throughout 750 cities within the nation.
Shares of Aditya Birla Trend and Retail Ltd have been buying and selling at Rs 176.35, on BSE within the afternoon commerce, down 5.62 per cent over its earlier shut.