KIOCL share price falls 4% as company stops pellet production at Mangalore plant

The share touched a 52-week high of Rs 245.95 and a 52-week low of Rs 165.20 on 01 August, 2023 and 29 March, 2023, respectively.

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KIOCL share price slipped 4 percent in the early trade on August 7 after the company stopped pellet production at its Mangalore plant.

The company informed exchanges that it has halted production at its pellet plant unit situated at Mangalore with effect from August 5, 2023, due to non-availability of iron ore fines. “We shall keep the stock exchanges informed as soon as the production at the plant resumes,” KIOCL added.

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Last month the company temporarily shut the said plant from July 2 to carry out refractory repair work, and restarted it from July 13.

KIOCL is a central public sector undertaking (CPSU) under the ownership of Ministry of Steel, Government of India with its head office and administrative activities in Bengaluru.

At 09:46 am KIOCL was quoting at Rs 216.00, down Rs 9.45, or 4.19 percent on the BSE.

The share touched a 52-week high of Rs 245.95 and a 52-week low of Rs 165.20 on 01 August, 2023 and 29 March, 2023, respectively.

Currently, the stock is trading 12.18 percent below its 52-week high and 30.75 percent above its 52-week low.