Sabero Organics in the dark
Sabero Organics, which makes speciality chemicals and crop protection chemicals, had hit a new 52-week high on 18th Oct’13 at Rs.148 and today, a month later, it is down over 4.5% at Rs.123.40. The day’s low point is Rs.117.55.
The stock is in the red following news which it released yesterday after market closure, stating that it had received a letter on 15th Nov’13 from the Environmental Engineer, Gujarat Pollution Control Board (GPCB), Gandhi Nagar, advising the company to close its production process at its Sarigam unit in Gujarat, within 15 days of the letter, stating that there were certain non-compliances of the environmental parameters.
The company has tried to reassure investors by stating that it has been taking corrective steps over the past two years for improving its environmental infrastructure and has been adhering to the environmental standards. It also stated that it will pay heed to the GPCB advise and will try and seek its permission to continue the operations.