India Glycols shares tank 13 per cent on bourses

Written by Press Trust of India | New Delhi | Updated: Sep 18 2013, 04:13am hrs
BSEShares of India Glycols Ltd fell by about 13 per cent on both the BSE and the NSE
Shares of chemical firm India Glycols Ltd (IGL) today fell by about 13 per cent on both the BSE and the NSE, amid reports that the company has exposure to crisis-ridden National Spot Exchange Ltd (NSEL).

Shares of the company today fell by 12.81 per cent to Rs 89.15 apiece on the BSE, while on NSE share price fell by 13.34 per cent to Rs 88.70 per share.

India Glycols has exposure of around Rs 100 crore at the NSEL through its subsidiary firm IGL Finance Limited, sources said.

The company has three subsidiary companies, Shakumbari Sugar & Allied Industries Limited (SSAIL), IGL Finance Limited and IGL CHEM International Pte Ltd.

India Glycols is the green petrochemical company and manufactures glycols, ethoxylates, performance chemicals, glycol ethers and acetates, natural gums and potable alcohol.

NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,500 crore dues to 148 members after it suspended trade on July 31 on government direction.