EID Parry's board of directors have decided to shut down the sugar unit of the Company at Pettavaithalai, Tamilnadu.
EID Parry in its regulatory filing said, "We wish to inform you that the Board of Directors of the Company have decided that the sugar unit of the Company at Pettavaithalai, Tamilnadu, which is not in operation due to continuous non-availability of adequate sugar cane, will not be operated in future as the expectation of a revival of the cane cultivation in the area is low due to a variety of factors."
"The Company proposes to deal with the assets of the unit as may be deemed appropriate," EID Parry adds.
On Sensex, EID Parry ended at Rs339.60 per piece down 1.42%.