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Last Updated : Mar 09, 2020 10:37 AM IST | Source: Moneycontrol.com

Hikal share price slips nearly 8% after MPCB notice to close Mahad unit

The company had filed a plea in the Bombay High Court for a stay on the order.

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Hikal share price slipped nearly 8 % after the Maharashtra Pollution Control Board (MPCB) asked the drug ingredient manufacturer to close its Mahad unit.

The company received the notice of closure from MPCB following a complaint by the locals in Taloja, a release said.

The complaint said a tanker of an authorised transporter, carrying byproduct of Hikal, was found near Kasadi river in Taloja. This material was on the way for further processing to a MPCB-approved manufacturer located in MIDC Dhule.

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“We are representing to MPCB for withdrawal of the closure notice and have submitted all relevant documents, proving that we are not responsible for any pollution and or polluting activities in or near the· river. We are hopeful of a positive outcome from MPCB,” the company said.

The company has filed a writ petition in the Bombay High Court for a stay on the order. Some its operations at Mahad could be affected until the matter was resolved, it added.

At 1021 hours, Hikal was quoting at Rs 108.70, down Rs 7.15, or 6.17 percent, on the BSE.

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First Published on Mar 9, 2020 10:37 am
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