Shares of Hikal slipped 7.5% after the Maharashtra Pollution Control Board (MPCB) issued notice to close its Mahad unit.
The company on Friday has received a notice from the Maharashtra Pollution Control Board (MPCB) for the closure of Mahad Unit based on a complaint received from the local community in Taloja. The complaint mentions that a tanker of an authorised transporter, carrying by-product of Hikal was found near the river Kasadi in Taloja. This material was en-route for further processing to an MPCB approved manufacturer located in MIDC Dhule.
“We are representing to MPCB for withdrawal of the closure notice and have submitted all relevant documents proving that we are not responsible for any pollution and or polluting activities in or near the· river. We are hopeful of a positive outcome from MPCB,” the company said in the filing.
“Today, we have filed in the Bombay High Court a writ petition for a stay. There is a possibility of some impact on our operations at our Mahad site until this matter is resolved,” it added.
Hikal being a Responsible Care Certified company stands by its commitment to long term sustainability and ethical way of doing business.
Stock view:
Hikal Ltd is currently trading at Rs107.15, down by Rs8.7 or 7.51% from its previous closing of Rs115.85 on the BSE.
The scrip opened at Rs112.90 and has touched a high and low of Rs112.90 and Rs106.80 respectively.
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