INDIA: KPR Mill shares slide on factory incident
KPR Mill's stock price has continued to fall after seven workers reportedly died from inhaling toxic fumes at its effluent treatment plant in Perundurai, in the Indian state of Tamil Nadu.
Shares were down 3.42% to INR10.59 last week on news of the incident, which occurred at KPR Mill's treatment plant that processes wastewater from the group's dyeing unit.
KPR Mill informed the Bombay Stock Exchange last week that an "accident" had occurred at the company's processing unit on 18 March.
"Consequently its activities have been temporarily discontinued. The company is taking adequate steps to restore its normalcy. However this will not have material impact on the overall performance of the company," it said in a filing to the exchange.
Since then, the firm's shares have continued to slide and today were down 33% to INR10.45 at 12:55 GMT.
The company have not returned a number of requests for comment or information on the reported deaths at the facility.
According to The Hindu Business Line, 11 workers were also taken ill and hospitalised. The police are understood to have initiated action against the company.
- Indian apparel exporters discuss policy changes
- Clothing seen as central focus for new Tesco CEO
- INTERVIEW: David Nieper pushes Made in UK momentum
- Is China's dream becoming a nightmare scenario?
- MYANMAR SNAPSHOT: Textile and apparel industry
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- European MEPs call for more TTIP transparency
- ILO backs Burma project to improve work practices
- Hampshire and Levi Strauss in global sourcing deal
- Global market review of denim and jeanswear – forecasts to 2020
- American Eagle Outfitters, Inc. : Reacting to a need for change
- Management briefing: Sourcing shifts: Changes and challenges
- Ethiopia – the emerging textile and clothing industry
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies