Shares of Jindal Poly Films Ltd plummeted 8.5% after touching a day’s high of Rs 681.20 on 22nd May, after the firm said yesterday that a fire broke out at the manufacturing plant of its material subsidiary, JPFL Films Private Limited, located at Mundhegaon in Nashik district, Maharashtra.

The fire incident occurred around 1:00 AM at JPFL Films’ Nashik plant and partially disrupted operations.

The cause of the fire is not yet known, and the company is currently assessing the damage. JPFL Films confirmed the facility is fully insured, and the insurer has been notified.

The firm will announce the financial impact once the damage evaluation is complete.

In April, minority shareholders filed a class action suit at NCLT, alleging a Rs 2,000 crore fund was siphoned to promoter-linked firms.

As per the complaint, Rs 700 crore was invested in two related entities through OCPS and RPS between FY13 and FY17.

At 11:15 AM, the shares of Jindal Poly Films were trading 7.65% lower at Rs 643.40 on NSE.

Stay Ahead with Jindal Poly Films. Ask the Analyst.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!