Paradeep Phosphates slumps 4% on closure notice for Odisha plant

Just last week, the company also shut down its ammonia and urea plants in Goa due to the breakdown of a gas compressor.

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Shares of Paradeep Phosphates slumped over 4 percent in early trade on March 26 after the Central Pollution Control Board (CPCB) slapped a closure notice on the company's Odisha plant.

At 9.43 am, shares of Paradeep Phosphates were trading at Rs 65.95 on the NSE.

Operations at the plant will remain closed till the company complies with directions issued by the CPCB. Paradeep Phosphates will also need to wait for the CPCB to issue a written permission to resume operations.

The company said the plant was already closed for annual maintenance and that it expects to resolve the matter with CPCB at the earliest.

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Just last week, the company also shut down its ammonia and urea plants in Goa due to the breakdown of a gas compressor.

"The company has shut down the ammonia and urea plants at Goa due to breakdown of a synthesis gas compressor," Paradeep Phosphates said in a stock exchange filing. It did not disclose the timeline to resume operations and the measures taken to address the issue.

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