Like yesterday, today also, Bombay Dyeing was locked at the 5% UC at Rs.115.10 as its decision to close its loss making subsidiary has gone down well with the market.
The company has given its consent by signing the shareholder's resolution of its subsidiary in Indonesia i.e. PT Five Star Textile Indonesia on December 17, 2018 for closure of the same.
As already intimated that PTFS was incurring losses for many years hence; this is in line with the strategic move to close this subsidiary. All the financial risks related to this subsidiary have been provisioned in the past years reported financials.