Paradeep slumps into red

Paradeep Phosphates announced on Sunday that the under the Environment Protection Act 1986, the CPCB has issued the closure of operation notice to the plant located at Paradeep, Odisha till the directions are complied with and written permission to resume the operation is obtained from CPCB.

The notice comes on the back of violation(s)/contravention(s) committed or alleged to be committed Non- compliance of certain conditions prescribed by the Odisha State Pollution Control Board (OSPCB) in its Consent to Operate letter.

The company said that the plant is already shutdown for Annual maintenance activities.

It expects the matter to be resolved at the earliest (Before the operations are resumed in the normal course) thus expects no major financial impact.

Prior to this, on 18th March the company had announced closure of its Ammonia and Urea Plants at Goa due to breakdown of Synthesis Gas Compressor.

The market is obviously perturbed with this news; from its close of Rs.68.05 on Friday, the stock opened lower today at Rs.64.69, the lowest point of the day and is currently trading at Rs.67 levels. Its 52-week high and low stands at Rs.85.90 and Rs.48.35 respectively.