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

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

SI Reproter  |  New Delhi 

Bombay Dyeing
Bombay Dyeing

Shares of & Mfg Company hit the of 5 per cent after the textile company decided to shut down its loss-making Indonesian (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 in Indonesia i.e. ("PTFS") on December, 2018 for closure of the same." the release said.

"As already intimated that was for many years hence; this is in line with the strategic move to close this We would also like to inform that all the financial risks related to this subsidiary have been provisioned in the past years reported financials," the company said.

At 10:50, the stock was locked in at 5 per cent at Rs 115.10 on the Over 1.14 million shares traded so far on the (NSE) and In comparison, the S&P Sensex was trading at 36,084, down 186 points or 0.5 per cent.

First Published: Tue, December 18 2018. 10:55 IST
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