Shares of Tamil Nadu Newsprint and Papers (TNPL), declined over 7 per cent in early trade on the Bombay Stock Exchange after the company said that has stopped production in Paper Machine II (PM II), in Unit I (Karur) due to water shortage. “The other two paper machines are in operation.
The production in PM II will be resumed on availability of water,” TNPL said in a regulatory filing. Reacting to the news, shares of company declined as much as 7.1 per cent to Rs 324.20 apiece on the Bombay Stock Exchange.
In a similar fashion, stocks of company slipped 6.93 per cent to Rs 324.50 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 28,883.14, down 18.60 points, or 0.06 per cent, at 11:33 hours.