GNFC tanks 10% on Dahej plant shut down;m-cap dips by Rs 859cr

Shares of Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) today settled for the day down 10 per cent on the bourses after the company said it has shut down Dahej plant indefinitely post gas leak.
Following the decline in the counter, the market capitalisation of the company fell by Rs 859.47 crore to Rs 7,541.70 crore at the end of today's trading session.
During the day, the stock opened at Rs 542.00, then lost ground and touched an intra-day low of Rs 481, down 11.01 per cent over its previous close. It finally ended the day at Rs 485.25, down 10.23 per cent on the BSE.

On the NSE as well the stock opened at Rs 542, then fell 11.13 per cent to touch an intra-day low of Rs 480.25 and finally ended the day at Rs 485.30, down 10.20 per cent.
"In the morning on January 15, 2018, there has been a sudden leakage at TDI-II plant, Dahej, which called for plant shutdown at Dahej (Gujarat) ... However, as a matter of abundant precaution, management has decided to close the plant indefinitely," GNFC said in a regulatory filing.
The company clarified that neither there was any property damage nor any loss of life.
It said the plant will be closed 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".

GNFC said "this decision to close TDI-II Plant indefinitely is taken till the process of necessary preparations, putting in place further checks and balances and thorough evaluation is over".