Graphite India slips 3% as KSPCB orders shutdown of Bengaluru plant

NEW DELHI: Graphite India shares slipped 3 per cent on Tuesday morning after Karnataka State Pollution Control Board (KSPCB) issued directions to close the company's manufacturing operations at Whitefield, Bengaluru plant.

The scrip hovered at Rs 399.55, down 3.05 per cent at around 11:03 am, while the benchmark BSE Sensex was up 0.39 per cent at 35,637.66.

In order to comply with KSPCB's order, the company has commenced stoppage of graphite furnaces in a phased manner as if the furnaces are stopped abruptly, there is a chance of a potential hazard of unforeseen accidental explosions due to the high temperatures in the furnaces.

The company has also informed KSPCB that the manufacturing operations will be completely shut down by 23rd February 2019.

Meanwhile, the shares of Graphite India opened at Rs 414.90 on BSE against its previous closing of Rs 412.10.