India's Deepak Nitrite slumps 5% on reports of closure notice for fire-hit plant

Deepak Nitrite

09/06/2022 09:34

** Shares of Deepak Nitrite  DPNT.NS  fall as much as 5.5%
to 1,700 rupees, their lowest since April 27, 2021
    ** Specialty chemicals maker got closure notice from western
Indian state of Gujarat after fire and series of explosions at
its Nandesari plant - local media reports https://www.financialexpress.com/industry/gujarat-govt-issues-closure-notice-to-chemical-intermediate-maker-deepak-nitrite-over-nandesari-explosions/2551884
 
    ** DPNT reported fire around the warehouse section of its
Nandesari plant on June 2  urn:newsml:reuters.com:*:nL4N2XQ0ES
    ** Co did not immediately respond to queries over plant
closure, but had said in a separate statement earlier in the day
that operations would resume after getting clearance from govt
    ** DPNT also said it was in the process of submission of
necessary documents sought by authorities
    ** Shares of DPNT, which makes several chemicals used in
agriculture, pharma, petrochemical industries, have fallen about
17% since the fire incident 
    ** About 2 mln shares change hands, 2.2x 30-day avg of
887,422
    ** DPNT shares down ~28% this year, as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))