Hikal share price declined 11 percent in early trade on February 17 after the company received a notice from the Maharashtra Pollution Control Board for closure of Taloja unit within 72 hours.
Hikal received the notice on February 15 in view of certain alleged non-compliances and the recent Surat issue, the company said in its release.
The firm is taking legal steps to seek relief, it added.
The Taloja unit had contributed approximately Rs 260 crore amounting to around 15% of the turnover for financial year 2020-21.
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The company had reported a 12.21 percent jump in its December quarter (Q3FY22) net profit at Rs 45.20 crore against Rs 40.28 crore a year ago.
Total revenue from operations was up 11 percent at Rs 514.53 crore versus Rs 463.29 crore a year ago.
At 09:15 hrs Hikal was quoting at Rs 379.80, down Rs 30.35 or 7.40 percent on the BSE.
The share touched a 52-week high of Rs 742 and a 52-week low of Rs 142.85 on 17 August 2021 and 31 March 2021 respectively.
Currently, it is trading 48.81 percent below its 52-week high and 165.87 percent above its 52-week low.
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