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Ess Dee Aluminium share price dropped nearly 5 percent intraday Tuesday after the company said it has suspended operations at manufacturing plant in Kolkata with effect from July 1, 2016.
The aluminium foil maker has been undergoing severe financial stress, with all manufacturing units virtually non-operational for an extended period.
Over the last few months, it has been looking at various options for revival and is in advance stage of finalising revival plans, Ess Dee said in its filing.
Ess Dee is also in active discussions with existing or prospective lenders for the revival.
"As a consequence of which, we have been constrained to issue notice suspending work, with effect from July 1, 2016, at manufacturing unit at Kamarhati in Kolkata," it said.
At 11:13 hours IST, the stock price was quoting at Rs 43.20, down Rs 1.45, or 3.25 percent on the BSE.
Posted by Sunil Shankar Matkar
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