1. Manali Petrochemicals share price falls 5% as Chennai flood hits operations

Manali Petrochemicals share price falls 5% as Chennai flood hits operations

Manali Petrochemicals share price fell as much as 7 per cent after the company informed BSE that production at both the plants of the company remains affected due to Chennai floods - this interruption in production started December 02, 2015 and is still continuing.

By: | New Delhi | Updated: December 7, 2015 4:35 PM
Manali Petrochemicals

Manali Petrochemicals operates two production facilities at Manali near Chennai to manufacture Propylene Oxide (PO), Propylene Glycols (PG) and Polyols. (PTI)

Manali Petrochemicals share price fell as much as 7 per cent after the company informed BSE that production at both the plants of the company remains affected due to Chennai floods – this interruption in production started December 02, 2015 and is still continuing.

Manali Petrochemicals says due to power disruptions and disturbances in operations there will be a significant negative impact for the quarter and the year.

Manali Petrochemicals share price closed 4.95 per cent down at Rs 31.65. The scrip opened at Rs 33.90 and had touched a high of Rs 34.25 and low of 30.95, respectively, in trade.

In a BSE filing, the company said, “The plant operations are expected to recommence shortly in a phased manner subject to resumption of normalcy in power supply, material movements, etc. Consequently the overall operations for the quarter and the year will be impacted significantly.”

Manali Petrochemicals operates two production facilities at Manali near Chennai to manufacture Propylene Oxide (PO), Propylene Glycols (PG) and Polyols.

The promoters’ holding in the company stood at 44.82 per cent while institutions and non-institutions held 2.09 per cent and 53.09 per cent, respectively.

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