Deccan Health Care temporarily shuts down Pant Nagar plant due to floods in Uttarakhand; Stock recovers early losses

Deccan Health Care Limited informed the exchanges Thursday that due to heavy rainfall and cloud burst in Uttarakhand including in the area of Rudrapur and Pantnagar has been inundated with floodwater. All River levels are rising constantly, Indian Meteorological Department has issued warnings for heavy to very heavy rainfall and some areas are on alert.

The waterlogging and road blockades have resulted in a total halt in the movement of material and personnel and an outage of electricity making the areas unsafe for carrying out operations. Reaching the factory has not been possible due to being rain-savaged.

In line with manufacturing factories in the SIDCUL-IIE Pantnagar area where our factory is situated, we have halted production and temporarily shut down the plant as a precautionary measure to ensure the safety of our personnel and staff which is of foremost concern.

“We are awaiting the restoration of electricity and movement of material and personnel,” company said in a filing.

The company slumped over 6% in early trade on Friday but recovered losses soon. At around 9.38 am, Deccan Health Care Limited was trading at Rs32.80 per piece up Rs0.05 or 0.15% on the BSE.