Tata Chemicals fell over 5.25% to Rs.565.40 in the opening bell trade and remains firmly in the red.
The market is reacting to its dismal performance for Q1FY18 and it can be blamed on temporary closure of the Haldia operations (fertilisers segment) due to the ammonia pipeline relocation project and commissioning thereof as well as a notice issued by the Central Pollution Control Board.
These facts adversely impacted the performance. The company posted a 13.5% (YoY) drop in net profit at Rs.242 crore on a 20% drop in revenue at Rs.2649 crore. EBITDA for the quarter was down 22% at Rs.450 crore and margins slipped from 18.1% to 17.5%.