Hindalco dips as state pollution board orders closure of Hirakud plant
The stock underperformed the market by falling over 8% in past four trading session as compared to 1% rise in benchmark Sensex
Hindalco is trading lower by 3% at Rs 111 on reports that the Odisha State Pollution Control Board (OPSCB) has asked the company to shut down the captive power plant (CCP) of smelter plant near Hirakud in western Odisha in the wake of a breach in the company's ash pond that damaged standing crops in the locality.
“The company, which has a brownfield aluminum smelter facility having capacity 1.46 lakh ton per annum and CPP of capacity 367.5 MW, generates about 3000 ton of ash per day from its CPP,” the report suggests.
The stock is currently trading at its three-month low and has underperformed the market by falling over 8% in past four trading session on reporting 34% year-on-year drop in net profit for the quarter ended June 2012. The benchmark Sensex has gained around 1% during the same period.