Hikal in a haze

Friday evening, Hikal stated that it has received a notice from the Maharashtra Pollution Control Board (MPCB) for closure of our Mahad Unit based on a complaint received from the local community in Taloja.

The complaint mentions that a tanker of an authorised transporter, carrying by-product of Hikal was found near the river Kasadi in Taloja. This material was en-route for further processing to a MPCB approved manufacturer located in MIDC Dhule.

The company said that it has asked MPCB for withdrawal of the closure notice and has submitted all relevant documents proving that it is not responsible for any pollution and or polluting activities in or near the· river.

The company has also filed in the Bombay High Court a writ petition for stay.

The company said that there is a possibility of some impact on its operations at its Mahad site until this matter is resolved.

The stock price is down in the red. The stock opened 2.5% lower at Rs.112.90 and went down further by 8% to Rs.106.80; its 52-week low is at Rs.100.75.