Jindal Poly Films Share Price Slumps After Fire Incident At Nashik Plant

Jindal Poly Films Ltd. share price plunged 8% on Thursday, following a fire incident at its arm's plant at Nashik. Production and operation is now temporarily halted at the plant. The subsidiary is now assessing the total damage happened because of the fire incident.

The fire occurred at JPFL Pvt. Ltd.'s plant at Nashik plant at 3:53 p.m. on May 21. The plant has adequate insurance coverage. The company has intimated the incident to the insurance company. Hence, the amount of damage will be assessed in due course of time, Jindal Poly Films said in the exchange filing.

Jindal Poly Films stock declined 8.02% to Rs 640.80 apiece, the lowest level since May 12. It pared some losses to trade 6.62% down at Rs 650.60 apiece as of 10:17 a.m., as compared to a 0.83% decline in the NSE Nifty 50 index.

The stock advanced 26.47% in 12 months, and declined 30.16% on year-to-date basis. Total traded volume on NSE so far in the day stood at 3.85 times its 30-day average. The relative strength index was at 66.69.