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KIOCL Shares Plunge 4% After Suspension of Operations at its Mangalore Pellet Plant

Shares of KIOCL fell after it suspended operations of its pellet plant unit located in Mangalore.

Shares of KIOCL witnessed a nearly 4% fall on January 10 after the central public sector company announced its decision to suspend operations of its pellet plant unit located in Mangalore. 

KIOCL shares hit an intraday low of Rs 353.45, down 4.4% from its previous closing price on the National Stock Exchange (NSE). At 12:55 pm, the stock was trading 4% lower at Rs 354.80.

In an exchange filing dated January 10, KIOCL stated that it had temporarily suspended the operations of its pellet plant unit in Mangalore due to the non-availability of iron-ore fines with effect from January 9, 2024. 

The company added in the filing that it will inform the exchanges when the plant will be back in operation. 

Previously, the iron ore mining company halted operations at the plant on December 12, 2023, under comparable circumstances. The plant resumed normal operations after a week on December 19.

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