Castrol India gains as Wadala unit closure not to impact financial performance

The company said that Wadala unit closure will not impact financial performance or operations.

Shares of Castrol India were up nearly 1% at Rs Rs 440 on the Bombay Stock Exchange after the company announced the closure of its Wadala unit and also said that the closure does not have any impact on the company's financial performance or its operations.

The company has conducted techno-commercial evaluation of the activities at the Wadala unit and based on the outcome it has been decided to close the said facility, the company said in a release.

Currently, the çompany's 'Technology Centre' is housed at Wadala, which provides R&D support to the business and the decision aout carrying out the said activities at different location will be taken in due course after thorough evaluation, the release added.

The stock opened at Rs 442 and touched a high/low of Rs 442/436. At 12:17PM, over 90,000 shares were traded on both the stock exchanges.