Dear Raju,
Mass absenteeism is an open symptom of serious sickness of the organisation, in itself, one of the biggest problem than that of indiscipline on the part of the workers. Mass absenteeism indicates employee dissatisfaction, which causes depletion of productivity, not only on the part of the workers, but also the organisation as a whole. Mere production under compulsion does not bring productivity. Only qualitative production with voluntary and sincere efforts of a satisfied worker can lead to productivity.
The event of mass absenteeism indicates that the management is neither employee-friendly, nor productivity oriented.
Thus, the immediate action that becomes due on the part of management is to review its own policies and practices, rather than thinking about any disciplinary action on the employees. Moreover, disciplinary action enmass would tend to invitation of disaster in the organisation by the management, itself. However, disciplinary action on a few of the real mischief mongers, not their followers, should be considered. That in itself would spread an appropriate message to their followers also. Rest depends upon the wisdom of the mnagement.
Anyway, best of luck.