Shares of Paradeep Phosphates Ltd. fell to over two-month low on Tuesday after it was forced to shut down two of its plants in Goa.
The company has shut down its amonia and urea plants in Goa because of the breakdown of the synthesis gas compressor, according to an exchange filing.
Shares of the company fell as much as 4.29% to Rs 67.00 apiece, the lowest level since Jan. 1. It pared losses to trade 1.21% lower at Rs 69.15 apiece as of 10:04 a.m. This compares to a 0.67% decline in the NSE Nifty 50 Index.
The stock has risen 37.20% in the past 12 months. The relative strength index was at 35.31.
All the three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 47.2%, indicating an oversold position.
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