Orchid Chemicals & Pharmaceuticals has dipped 6% to Rs 235, extending Friday’s 8% decline, after the company said that its Cephalosporin API manufacturing facility located in Alathur (Chennai) was issued a closure notice by the Tamil Nadu Pollution Control Board (TNPCB) citing non-compliance with regard to disposal of solid waste.
“The company is in active dialogue with the TNPCB officials and is confident of resolving the issues and bringing the plant to a fully operational stage at the earliest,” the company said in a filing to the stock exchanges.
The trading volumes on the counter jumped almost three-fold, with a combined 4.4 million shares changing hands so far, against an average around 1.7 million shares traded daily in the past two weeks.
