Landmark Cars to Exit Volkswagen Delhi NCR Dealership to Cut Losses
MT Newswires Live
Mar 27
Landmark Cars (NSE:LANDMARK, BOM:543714) said it will cease operations of its Volkswagen dealership in Delhi NCR, effective March 31, according to a Thursday filing on Indian bourses.
Shares of the company rose over 2% in Friday's trade.
The dealership comprised one showroom and one workshop, and the move is aimed at reducing losses from non-performing operations, the company said in the filing. The financial impact from the closure of is expected to be minimal as the assets at the Delhi NCR locations are largely depreciated, it added.
Volkswagen operations in Gujarat will continue, the company said.
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