NR Agarwal opened almost 3% lower at Rs.255.30, going on to hit a new 52-week low at Rs.251.05.
The market is not happy with its announcement of plant shut down for maintenance and it directly means a hit on earnings for the quarter.
The company stated yesterday that its Unit 4 will be under shutdown for annual maintenance and technical upgradation with effect from June 6, 2019.
The plant is expected to resume production by June 25, 2019.
The company, which is engaged in manufacture of paper products by recycling of waste paper posted a 42% (YoY) dip in net profit for Q4FY19.