Kothari Petrochem opens flat as Cyclone Michaung disrupts Chennai plant operations

The company has said that it is taking all necessary steps to drain out water

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Kothari Petrochem was trading flat on December 7 morning after the company said that its Chennai unit was temporarily shut due to Cyclone Michaung, which has disrupted normal life in Chennai and several other parts of Tamil Nadu bringing heavy rain and inundating low-lying areas.

At 9.46 am, the stock was trading at Rs 159.50 on NSE, down 0.5 percent.

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In an exchange filing on December 6, Kothari Petrochemic said operations at its factory in Chennai’s Manali Industrial Area were temporarily disrupted due to Cyclone Michaung.

The factory was shut down on December 4 and was expected to restart operations by December 12.

The company said that it was taking all necessary steps to drain out the water and there was no material impact on the financial position of the company, as it was had adequate insurance cover.

Also read: Kothari Petro Standalone September 2023 Net Sales at Rs 161.55 crore, up 24.39% Y-o-Y

Kothari Petrochem is a producer of “high-quality, low-to-mid molecular weight polyisobutylene” for segments such as “Lubricant & Dispersant , Fuel Additive, Grease, Adhesive, Sealant, Rubber Manufacturing , Personal Care, Masterbatch Compounding, PVC Pipe & Fitting”, the company said on its website.

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