Using the fact that the algebra M := M_N(C) of NxN complex matrices can be
considered as a reduced quantum plane, and that it is a module algebra for a
finite dimensional Hopf algebra quotient H of U_q(sl(2)) when q is a root of
unity, we reduce this algebra M of matrices (assuming N odd) into
indecomposable modules for H. We also show how the same finite dimensional
quantum group acts on the space of generalized differential forms defined as
the reduced Wess Zumino complex associated with the algebra M.