GNFC extends fall as Dahej TDI plant shut down on precautionary measure

The stock dipped 6% to Rs 208 in intra-day trade, extending its yesterday's 17% fall on BSE.

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has dipped 6% to Rs 208 in intra-day trade, extending its yesterday’s 17% fall on BSE, after the company on Thursday after market hours said TDI (Toluene diisocyanate) plant of Dahej has been completely shutdown, as a precautionary measure, following a gas leak.

“On 2nd November, 2016 late night, there was a mechanical failure of heat exchanger at TDI-II plant of GNFC at Dahej. As a result of that, there was a hazardous gas leak,” GNFC said on a clarification of news report.

As a precautionary measure, TDI plant of Dahej has been completely shutdown and emergency safety actions have been taken, it added. LINK

With the past two-day’s 23% decline, the stock has fallen 29% from its all-time high of Rs 292 touched on October 25, 2016 in intra-day trade deal.

At 01:01 pm, the stock was down 2% at Rs 218, after hitting a high of Rs 231 in early morning trade on BSE. A combined 5.94 million shares changed hands on the counter on BSE and NSE so far.