“This is to inform you that the Board of Directors of the Company vide Circular Resolution passed on 16th September 2021 approved the closure of operations at Beta Block (Unit II) manufacturing facility located at Baddi,” the pharma company said.
In the regulatory filing, the Beta Block (Unit-II) manufacturing facility at Baddi mainly catered to the Domestic market for Injections and was significantly underutilized. To avoid operating expenditure in Baddi, it is decided to discontinue the manufacturing operations at this facility, pursuant to the date of closure this facility shall be used as a warehouse.
The Beta Block's turnover was Rs43.25cr, accounting for 0.60% of the total turnover of the company. The date of closure or estimated time of closure will be on September 20, 2021.
The stock price is currently trading at Rs3,784 down by Rs49.55 or 1.29% from its previous closing of Rs3,833.55 on the BSE. The scrip opened at Rs3,815.55 and has touched a high and low of Rs3,815.55 and Rs3,747.70 respectively.