Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessStocks

GNFC declines 7% on plant shutdown due to leakage at Dahej

"In the morning on January 15, there has been a sudden leakage at TDI-II plant, Dahej, which called for plant shutdown at Dahej," company said in press release.

January 16, 2018 / 01:03 PM IST

Shares of Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) declined 7 percent intraday Tuesday as the company closed Dahej plant after sudden leakage on January 15.

"In the morning on January 15, there has been a sudden leakage at TDI-II plant, Dahej, which called for plant shutdown at Dahej," company said in press release.

"Due to safety measures already put in place by the company over a period of time, neither there is any property damage nor any loss of life," it added.

As a matter of abundant precaution, management has decided to close the plant indefinitely till the root cause is thoroughly analysed, reviewed and necessary further safety measures to be taken are fully evaluated in addition to current safety precautions.

This decision to close TDI-II plant indefinitely is taken till the process of necessary preparations, putting in place further checks & balances and thorough evaluation is over.

At 10:44 hrs Gujarat Narmada Valley Fertilizers & Chemicals was quoting at Rs 507.25, down Rs 33.30, or 6.16 percent.

The share touched its 52-week high Rs 548.50 and 52-week low Rs 236.40 on 24 October, 2017 and 02 February, 2017, respectively.

Currently, it is trading 7.52 percent below its 52-week high and 114.57 percent above its 52-week low.

Posted by Rakesh Patil

first published: Jan 16, 2018 10:51 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347