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.
- Speed to market key to Adidas 2020 growth plan
- SuperGroup to adapt sourcing model for speed
- GAFTI gears up for change in apparel auditing
- Fast Retailing ramps up sustainability efforts
- FOCUS: Topshop suffers a setback in Japan
- Transparency call for German apparel firms
- Strike at Adidas and Nike shoe factory in Vietnam
- Lululemon Athletica on “strong growth” track
- Myanmar garments to benefit from export strategy
- H&M and Kering trial recycling technology
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Global market review of workwear - forecasts to 2019
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Outdoor performance apparel: peaks, valleys, and green fields
- Apparel Retail: Top 5 Emerging Markets Industry Guide