Glenmark Life Sciences share price declined marginally in the opening trade on July 29 after the company received closure notice for Ankleshwar facility from Gujarat Pollution Control Board (GPCB).
At 09:30am, Glenmark Life Sciences was quoting at Rs 850.00, down Rs 0.70, or 0.08 percent, on the BSE.
The company received order not to carry out production activity at Plot No. 3102/C to 3109/A & 3103, GIDC Ankleshwar, Dist. Bharuch, Gujarat after the sample collected from GIDC storm water drain was found to be contaminated with high COD levels and other parameters.
GPCB has ordered to deposit interim environment damage compensation as and when determined by GPCB and also asked to submit a bank guarantee of Rs 15,00,000 for compliance assurance at the time of revocation.
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Over the past few weeks there have been incessant rains in the entire Bharuch district and this is very likely to have been as a result of the same, company said.
We believe that the order is subject to reconsideration and we are in the process of responding to the GPCB with our stance on the matter including any corrective or preventive measures to be taken at our end. We are committed to highest standards of environmental and corporate governance, said Glenmark Life Sciences.
The company had posted 17.7 percent fall in June quarter ending profit at Rs 111.48 crore from Rs 135.45 crore in June 2023.
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