Dec 26 Tyre maker Ceat today said it will temporarily shut down its Mumbai and Nashik plants for three to seven days to cut down inventory pile up.

The Mumbai plant of the company would be closed from today to December 28, while the Nashik plant would remain closed from December 25 to December 31, Ceat said in a filing to the Bombay Stock Exchange.
However, both the plants would carry out routine and essential maintenance, Ceat added.
In September also, the tyre manufacturing firm announced the closure of its Mumbai unit for two days due to the same reason.
In its September 4 filing to the BSE, the company had said that the"decision was necessitated due to excess of inventory at the factories due to overall slowdown in tyre sales on account of gloomy competitive market scenario."
Shares of the company were trading at Rs 38.50, down 216 per cent on the BSE