Mankind Pharma down as Sikkim floods disrupt operations

In the past three months, the stock has risen over 2 percent against a 0.3 percent decline in the Sensex

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Shares of Mankind Pharma were trading 1.4 percent lower on BSE on October 6 morning after the company told exchanges about disruption of operations at its manufacturing facilities in Sikkim due to flash floods.

In the past three months, the stock of the drug company has risen more than 2 percent against a 0.3 percent decline in the Sensex.

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The operations at manufacturing units in Daring Block, Berimok, Namchi Zilla, and South Sikkim have been disrupted due to disturbance in power or utility supplies due to flash floods, the company told exchanges.

The management, however, added that no major disruption was expected in supply chain as the manufacturing of the products was diverted to other plants.

“The business operations of the company continued as usual as the other plants are fully operational,” it said.

ALSO READ: Why have MFs fallen in love with Mankind Pharma just a month since its listing?

Earlier, hydropower-focused NHPC told exchanges that it closed Teesta-V hydropower station in Sikkim due to flash floods. The company also halted work on an under-construction project.

The Centre said that it will make a detailed assessment of damage to the hydropower projects in Sikkim after the water recedes.

All bridges downstream to the Teesta-V hydropower station have been submerged or washed out, thus severely affecting commutation and communication in these areas, following the flash flood in the Teesta river basin.

The flash flood has killed 18 people while more than 100, including army personnel, are missing.

At 9.59 am, the stock was trading at Rs 1,756.95 on NSE, down 1.11 percent from the previous close.

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