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.
- DENIM DAYS: Jeans innovation bursting at the seams
- Rana Plaza two years on: Challenges and concerns
- Adidas pushing self-governance for suppliers
- How will TPP emerge from fast-track trade bill?
- Progress made in Bangladesh but problems remain
- Myanmar garment workers strike deal
- Under Armour hailed "next global athletic company"
- Gap’s woes “not so easy to fix”
- Authentic Brands acquires Jones New York
- Cotton growers facing “neglect, abuse and poverty”