Tech
Samsung Shares Drop as Workers’ Strike in India Stretches into Fifth Day
Samsung Electronics saw its shares drop by as much as 3% on Friday, as a workers’ strike at its plant in southern India entered its fifth day. The strike has significantly disrupted production at the consumer electronics facility, which manufactures products such as televisions, refrigerators, and washing machines.
Talks between Samsung management, union representatives, and local labor officials failed to produce a resolution on Thursday, with workers demanding higher wages, shorter working hours, and formal recognition of their union. Hundreds of employees have been on strike since Monday, making it one of the largest labor actions in India in recent years.
The plant, located in Chennai, is one of Samsung’s two factories in India and contributes up to 30% of the company’s $12 billion annual revenue in the country. As a key player in India’s $38.2 billion major appliances market, the continued strike poses a significant challenge for Samsung’s operations in the region.