Shalimar Paints tumbles after intimating about fire at Nasik plant

Shalimar Paints lost 12.67% to Rs 124.75 at 14:53 IST on BSE after the company informed that there has been a fire accident in one of the plants of the company at Gonde Dumala village, Igatpuri, Nasik on 19 November 2016.

The announcement was made during market hours today, 21 November 2016.

Meanwhile, the S&P BSE Sensex was down 359.83 points or 1.38% at 25,790.41

On BSE, so far 24,250 shares were traded in the counter as against average daily volume of 56,436 shares in the past one quarter. The stock hit a high of Rs 140 and a low of Rs 123.40 so far during the day. The stock hit a record high of Rs 223.60 on 23 August 2016. The stock hit a 52-week low of Rs 88.70 on 12 February 2016.

The small-cap company has equity capital of Rs 3.79 crore. Face value per share is Rs 2.

Shalimar Paints said that there has been no loss or injury to human life. The company is in the process of ascertaining the actual loss caused by the fire and also is in process of informing the same to the insurance company, Shalimar Paints said. The company is taking adequate steps to ensure re-functioning of the plant at the earliest, it said.

Shalimar Paints' net profit rose 95.97% to Rs 2.43 crore on 0.11% increase in total income to Rs 103.15 crore in Q2 September 2016 over Q2 September 2015.

Shalimar Paints is India's iconic paint-maker. Established in 1902, the country's first paint company is a pioneer in the field of paints and coatings.

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