KIOCL temporarily suspends operation at Mangalore plant; stock price falls by 2%

The share touched a 52-week high of Rs 520 and a 52-week low of Rs 165.20 on 18 October, 2023 and 29 March, 2023, respectively.

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KIOCL share price fell 2 percent in the early trade on December 13 after the company temporarily suspended the operations at its Mangalore plant.

At 09:22 am, KIOCL was quoting at Rs 363.05, down Rs 8.15, or 2.20 percent on the BSE.

“The operation of Pellet Plant Unit of the company at Mangalore have been temporarily suspended with effect from today i.e., 12th December 2023 (A/N) due to non-availability of iron-ore fines,” the company said in a press release.

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KIOCL is a miniratna enterprise with facilities to operate a 3.5 MTPA iron-oxide pellet plant and blast furnace unit to manufacture 2.16 lakh tonnes per annum of pig iron at Mangalore.

The company losses in the quarter ended September declined to Rs 21.39 crore, YoY.

The share touched a 52-week high of Rs 520 and a 52-week low of Rs 165.20 on 18 October, 2023 and 29 March, 2023, respectively.

Currently, the stock is trading 30.18 percent below its 52-week high and 119.76 percent above its 52-week low.

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