Shares of Graphite India slipped 3 percent intraday Tuesday after company received KSPCB directions to close the operations at its plant.
Karnataka State Pollution Control Board (KSPCB) issued directions to close the operations of the industry at its Whitefield, Bengaluru plant forthwith and until final orders, as per company release.
Towards compliance of the aforesaid directions, the company has commenced stoppage of graphite furnaces in a phased manner and in sequence.
The company has informed KSPCB that if the furnaces are stopped abruptly, there is a potential hazard of unforeseen accidents / explosions due to the high temperature prevalent in the furnaces.
The company has undertaken to KSPCB to shut down the manufacturing operations completely by 23/02/2019.
At 11:56 hrs Graphite India was quoting at Rs 403.10, down Rs 9, or 2.18 percent.
The share touched its 52-week high Rs 1,126.40 and 52-week low Rs 395.00 on 14 August, 2018 and 12 February, 2019, respectively.
Currently, it is trading 64.16 percent below its 52-week high and 2.22 percent above its 52-week low.