Asian Paints hit by fire at Vizag plant

India's largest paint company, Asian Paints informed the bourses on Monday that a fire broke out at the company's paint manufacturing facility in Vishakhapatnam, Andhra Pradesh. It further said that the company is in the process of assessing the extent of the damage. This facility has a capacity of producing around 5 lac kilolitres paints per annum.

The manufacturing operations of the plant have been affected but the company is of the opinion that it will not have any impact on its business operations. It will take some time to get further clarities about the exact production loss caused by the accident.

If the company has to shut down the plant for a long period, then it would have to bear significant losses.

With response to this negative development, the stock of Asian Paints dipped nearly 4 per cent to touch an intraday low of Rs. 1,440 per share. At 12:20 hours, the stock was trading at Rs. 1,447 apiece, down by around 3.3 per cent on Tuesday.