Bombay Dyeing hits 5% upper circuit as firm decides to shut down subsidiary

Shares of Bombay Dyeing & Mfg Company hit the upper circuit of 5 per cent after the textile company decided to shut down its loss-making Indonesian subsidiary PT Five Star Textile Indonesia (PTFS).

The closure is expected to be completed by December 31, 2019, the company said in an exchange release.

"This is to inform that as approved by the Board, the Company has given its consent by signing the Shareholder's Resolution of its subsidiary in Indonesia i.e. PT Five Star Textile Indonesia ("PTFS") on December, 2018 for closure of the same." the release said.

"As already intimated that PTFS