Godfrey Phillips suspends operations, share price falls 3%
Godfrey Phillips India CEO Bhisham Wadhera said the company was prepared to take a hit to its business to protect its employees.
March 30, 2020 / 10:14 AM IST
The share price of Godfrey Phillips India slipped over 3 percent in the morning trade on March 30 after the tobacco manufacturing company said it was suspending operations at all its units.
"We would like to inform that in the wake of the COVID-19 pandemic, the company is taking various measures to ensure the safety and well being of all employees and is ensuring compliance with the directives issued by the Central Government, State Governments and local administration in this regard… the company has suspended operations at all its factories and plant locations,” it said in a filing to the exchanges.
Terming the current situation as extraordinary, Godfrey Phillips India (GPI) CEO Bhisham Wadhera said the company was prepared to take a hit for four weeks on its business.
"As an organisation what is of utmost importance to us is our employees' health and safety. In fact about 10 days ago, we announced work from home just to ensure that nobody gets exposed, much before the lockdown," Wadhera told PTI.
The stock, which gained 16 percent in the last 5 days, was quoting at Rs 899, down Rs 23.15, or 2.51 percent. It was trading with volumes of 1,041 shares, compared to its five-day average of 10,667 shares, a decrease of 90.24 percent.