Goa Carbon slumps on closure notice for Paradeep plant

The company has received closure notice for Paradeep plant for non-compliance of stipulations

Shares of Goa Carbon slumped nearly 8% to Rs 93 after the company said it has received notice from the State Pollution Control Board, Odisha for closure operations at its Paradeep plant.

The closure notice is for non-compliance of stipulated by the Board and failure to implement the necessary pollution control measures under the Air Act, 1981 and Water Act, 1974, the company said in a release.

The Paradeep plant has been shut down from July 17, 2014 for maintenance and hence the order has been complied with, the release said.

Meanwhile, the company also said that it is in the process of setting up pollution control measures and other compliances.

The stock opened at Rs 101 on the BSE and touched a low of Rs 92 on the BSE. Over 250,000 shares were traded on both the stock exchanges so far.