Tata Chemicals declines after UK court imposes fine of GBP 1.1 mn on subsidiary

Tata Chemicals fell 1.29% to Rs 1048.50 after the Chester Crown Court, United Kingdom (UK), ordered a fine of GBP 11,00,000 on Tata Chemicals Europe, company's subsidiary in UK, for safety incident which occurred in 2016.

The company further informed that this order pertained to an incident of 2016 when a contractor sustained injury at one of the sites at UK, subsequently passed away unexpectedly a few weeks after his discharge from the hospital.

Tata Chemicals manufactures soda ash and related chemicals, including sodium bicarbonate, caustic soda and bromides. Its subsidiary, Rallis, is one of the leading players in the domestic crop protection sector, and manufactures pesticides, herbicides and fungicides at its factories.

The company had reported a consolidated net loss from continuing operations of Rs 827 crore in Q4 FY24 as against net profit from continuing operations of Rs 711 crore in Q4 FY23. The companys revenue from operations stood at Rs 3,475 crore in Q4 FY24, down 21.15 % from Rs 4,407 crore posted in corresponding quarter last year.

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