GNFC tumbles after announcing closure of Dahej plant

Gujarat Narmada Valley Fertilizers & Chemicals lost 8.15% to Rs 496.50 at 11:39 IST on BSE after the company said that it has indefinitely closed its TDI-II plant at Dahej following leakage.

The announcement was made during market hours today, 16 January 2018.

Meanwhile, the BSE Sensex was up 28.58 points, or 0.08%, to 34,872.09. The BSE Mid-Cap index was down 151.43 points, or 0.84%, to 17,977.45.

On BSE, so far 7.36 lakh shares were traded in the counter, compared with an average daily volume of 2.11 lakh shares in the past two weeks. The stock hit a high of Rs 547 and a low of Rs 484.05 so far during the day. The stock hit a record high of Rs 548.50 on 24 October 2017. The stock hit a 52-week low of Rs 236.40 on 2 February 2017.

The mid-cap company has an equity capital of Rs 155.42 crore. Face value per share is Rs 10.

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) said that in the morning on 15 January 2018, there has been a sudden leakage at TDI-II Plant, Dahej, which called for plant shutdown at Dahej. 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, GNFC said. However, 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, the company said.

GNFC reported 0.4% rise in net profit to Rs 166.11 crore on 5.6% rise in total income to Rs 1530.28 crore in Q2 September 2017 over Q2 September 2016.

GNFC is one of the leading companies in the fertilizer industry in India.

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