India's Hikal falls on unit closure notice from state pollution control board

Hikal

17/02/2022 06:53

** Shares of pharmaceutical co  HIKA.NS  drop more than 12%
to 360 rupees - lowest in nearly nine months
    ** Hikal said late on Wednesday that it got a notice from
the Maharashtra Pollution Control Board on Feb. 15 to close its
manufacturing unit in Taloja  urn:newsml:reuters.com:*:nNDL5FnZNd
    ** The closure will be effective within 72 hours of the
receipt of the notice, which cites certain alleged
non-compliances of the conditional consent to operate 
    ** The closure notice has also mentioned the recent Surat
issue, co said 
    ** In Jan, six workers at a mill in the industrial city of
Surat in Gujarat state were killed, 23 were hospitalised after
inhaling toxic gas caused by an illegal dump of waste chemicals
 urn:newsml:reuters.com:*:nL4N2TM106
    ** Hikal, however, had clarified that the Surat leak was not
caused from the tanker that left company's premises in Taloja
 urn:newsml:reuters.com:*:nFWN2TN0YB
    ** Taloja unit had contributed about 15% to co's FY2020-21
turnover 
    ** Co is taking legal measures to seek reliefs against the
pollution board's closure notice
    ** Since the gas leak, Hikal stock has fallen ~38%
    

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))