Temporary shutdown at Graphite Indias Nashik division; stock slumps

The shares of Graphite India fell by more than 4 per cent on Wednesday after the company announced that it is shutting down its IGE division at Nashik due to the rising Coronavirus cases.  

The decision to keep the operations at the division shut from 12 am on May 12, 2021, till the midnight of May 23, 2021, is taken by adhering to the order from District Disaster Management, Collector Office, Nashik, directing certain measures to prevent the spread of Coronavirus and also, to break the chain of persons being affected. Even with this temporary shutdown, the company does not expect any material impact in its business.  

Graphite India Limited (GIL) is the pioneer in India for manufacturing of graphite electrodes and also of carbon and graphite speciality products. The company’s manufacturing facilities are spread across six plants in India and it has also got a 100 per cent owned subsidiary at Nuremberg (Germany), popularly known as Graphite COVA GmbH.  

On Wednesday, the stock of the company closed at Rs 742.20 per share, down by 4.01 per cent or Rs 31 per share. Its 52-week high and the 52-week low is Rs 795.85 and Rs 161.70, respectively on BSE.