Jindal Polyfilms Share Price Extends Decline to 4% As Fire Continues To Smoulder In Unit's Nashik Plant
The shares of Jindal Polyfilms Ltd. fell over 11% in four sessions as the fire continues to smoulder at a plant operated by Jindal Poly Films Ltd.'s subsidiary in Maharashtra's Nashik after 54 hours impacting approximately 90% of its production.
The shares fell over 4% on Friday, while it was down 8.42% on Thursday and 3.68% on Wednesday. In addition, the stock was trading at a high volume on Friday.
Since it is a crude petroleum product, when water is added, oxygen and hydrogen are produced, which further inflames the fire, so the fire brigade has to use foam to control the fire.
All precautions are being taken to prevent the fire from reaching the propane gas tank located in the company premises and cooling operations are ongoing, as per the reports from NDTV Marathi.
"The production operation at part of the said plant is disturbed temporarily," the company said in an exchange filing.
The cause of fire will be assessed in due course by the subsidiary entity, Jindal Poly said, adding that the firm is also in the process of ascertaining the actual loss caused by the accident.
"There is adequate insurance coverage for said plant and intimation to insurance company has already been made. The amount of damage will be assessed in due course of time," it added.
Three employees were injured in the incident and taken to a nearby hospital for treatment, according to NDTV report. Local authorities said goods worth crores of rupees may have been damaged, but a full assessment is pending.
Jindal Poly Films Shares Decline
Jindal Poly Films stock declined 4.34% to Rs 619 apiece, the lowest level since May 9. It pared some losses to trade 3.18% down at Rs 626.45 apiece as of 10:43 a.m., as compared to a 0.80% advance in the NSE Nifty 50 index.
The stock advanced 21.71% in 12 months, and declined 32.59% on year-to-date basis. Total traded volume on NSE so far in the day stood at 15 times its 30-day average. The relative strength index was at 53.01.
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