India's Rain Industries falls as European operating unit temporarily closed

Rain Industries

09/09/2022 06:09

** Shares of India's Rain Industries Ltd  RAID.NS  fall as
much as 5.5% to 190.05 rupees, their biggest intraday pct loss
since June 20
    ** Rain Carbon Inc., a unit of RAID that produces
carbon-based products, said on Friday it has temporarily closed
an operating unit in Europe  urn:newsml:reuters.com:*:nFWN30F19Y
    ** Rain Carbon said it was developing additional
energy-related contingency plans for its other European
production units in anticipation of potential natural gas
shortages and price spikes during the upcoming winter months
resulting from the unprecedented geopolitical environment
    ** Closely evaluating whether to temporarily reduce or shut
down additional production lines if situation worsens - Rain
Carbon President Gerry Sweeney
    ** More than  2.5 mln shares traded by 0440 GMT vs their
30-day avg of 3.1 mln shares
    ** RAID shares down over 16% this year, as of last close

 ((nishit.navin@thomsonreuters.com;))