ERJ staff report (DS)
Mumbai, India -- Ceat Ltd said it has laid off workers for two days at its factory in Bhandup, Mumbai on Thursday and Friday of this week (4, 5 Sept, 2008.)
The company issued a statement to the Mumbai Stock exchange (BSE) saying, "This decision was necessitated due to excess of inventory at the factories due to overall slow down in tyre sales on account of gloomy competitive market scenario. This decision has been taken in agreement with the Union of the Workmen."
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Announcement by Ceat on BSE