Andhra Sugars’ stock nosedives 7% after decision to close crushing operations at Tanuku

The company said that there will be no crushing operations at Sugar Unit at Tanuku for the Season 2020-21 in view of the unviable operations.

Aug 13, 2020 03:08 IST India Infoline News Service

The Andhra Sugars Limited stock nosedived more than 7% after the company decided to stop crushing operations at its Sugar Unit at Tanuku for the Season 2020-21.

The company's stock is under extreme selling pressure and is currently trading at Rs316.95, down by Rs24.2 or 7.09% from its previous closing of Rs341.15 on the BSE.

“We hereby inform that our Board of Directors at its Meeting held on August 13, 2020, has taken a decision that there will be no crushing operations at Sugar Unit at Tanuku for the Season 2020-21 in view of the unviable operations,” company intimated the exchanges on Thursday.

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