Coromandel International Stock Falls After Ammonia Gas Leak At Chennai Unit
The company said that it noticed abnormality on Tuesday in the ammonia unloading subsea pipeline near shoreside.
Shares of Coromandel International Ltd. fell over 3% after reports of an ammonia gas leak at the company's fertiliser manufacturing unit at Ennore in north Chennai.
Over 25 people from neighbourhoods in the vicinity have been hospitalised due to the gas leak incident, as per a PTI report.
The company said that it noticed abnormality on Tuesday in the ammonia unloading subsea pipeline near shoreside, outside the plant premises. "Our Standard Operating Procedure activated immediately, and we have isolated ammonia system facility and brought the situation to normalcy in the shortest time," it said in a statement.
Shares of the company fell as much as 3.68% before paring loss to trade 2.29% lower at 12:10 p.m., compared to a 0.15% advance in the NSE Nifty 50.
The stock has risen 39.26% year-to-date. Total traded volume so far in the day stood at 7.6 times its 30 day average. The relative strength index was at 58.
Of the 13 analysts tracking the company, 11 maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a downside of 41.1%.
