The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+

    NTPC tanks 4% as Chamoli avalanche damages hydropower project

    Synopsis

    A part of the under-construction Tapovan Vishnugad hydro power project (520 MW) has faced damages while another privately-owned Rishi Ganga hydro project (130 MW) was completely devastated.

    Following the development, the stock fell 3.66 per cent to hit a low of Rs 96 on BSE. The stock recovered later and was trading 0.9 per cent lower at Rs 98.75 by 10.10 am.

    INSIGHTS

    Read Stock Insights by ET for a quick analysis

    PEER COMPANIES

    Explore Now
    NEW DELHI: Shares of NTPC fell nearly 4 per cent in Monday's trade after a part of the company's under-construction hydropower project got damaged by the avalanche in Uttarakhand's Chamoli district.

    The company has said that it is monitoring the situation continuously along with the district administration and police.

    Following the development, the stock fell 3.66 per cent to hit a low of Rs 96 on BSE. The stock recovered later and was trading 0.9 per cent lower at Rs 98.75 by 10.10 am.

    A part of the under-construction Tapovan Vishnugad hydro power project (520 MW) has faced damages while another privately-owned Rishi Ganga hydro project (130 MW) was completely devastated.

    "An avalanche near Tapovan in Uttarakhand has damaged a part of our under-construction hydropower project in the region. While rescue operation is on, situation is being monitored continuously with the help of district administration and police," NTPC said in a tweet.

    Uttarakhand Chief Minister Trivendra Singh Rawat said that 125 people are missing following the massive flood, PTI reported.

    The incident occurred after the water level in Dhauliganga river, suddenly surged on Sunday morning following an avalanche near the Rishi Ganga power project. The 85 km river meets the Alaknanda river at Vishnuprayag at the base of Joshimath mountain in Uttarakhand.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Read before you invest. Insights on NTPC Ltd.. Explore Now
    The Economic Times