Shares of JB Chemicals and Pharmaceuticals today ended the day down 5 per cent on bourses after the National Green Tribunal (NGT) directed closure of its bulk drugs plant at Panoli in Gujarat.
On BSE, the stock settled at Rs 260.75, down 4.68 per cent. It touched an intra-day high of Rs 278.30 and a low of Rs 240.05.
On NSE, it had opened at Rs 275.20 before hitting an intra-day low of Rs 238 and closing at Rs 260.95, down 4.81 per cent from its previous close.
The downtrend came despite the fact that the broader market settled in the green at 24,854.11, up 172.08 points.
JB Chemicals and Pharmaceuticals today said it will challenge in the Supreme Court the NGT order, which has directed closure of its bulk drugs plant at Panoli within a month.
Chemicals, however, said it has been operating the plant with a valid environmental clearance which was accorded by the Ministry of Environment and Forest in January 1994.
"The company plans to immediately appeal the said order in the Supreme Court and is confident that the court will grant relief to the company, especially in light of various technical and factual aspects involved in the matter," it said.
The NGT order has come after the Paryavartan Suraksha Samiti, Vododara, and Peoples Union for Civil Liberties, Ankleshwar, challenged the said environment clearance to the manufacturing facility.
