Paper stocks fall up to 12% as govt shelves plan to ban single-use plastic

In September, paper stocks rallied by up to 84 per cent on expectation of ban on single-use plastic. In comparison, the S&P BSE Sensex had added 3.6 per cent during the period.

Shares of paper stocks tanked up to 12 per cent on the BSE on Thursday, extending their Tuesday’s decline of 7 per cent on news that the government has no immediate plan to ban single-use plastic items.

Individually, Star Paper Mills were locked in the lower circuit band of 10 per cent at Rs 140 on the BSE, while Ruchira Papers slipped 12 per cent to Rs 86. Shares of Orient Paper & Industries (down 10 per cent to Rs 27.60), Seshasayee Paper & Boards (down 8 per cent at Rs 185) and International Paper APPM (down 7 per cent