Hindalco Share Price Falls 2.03% After Confirming Fire Incident At Novelis Oswego Plant

Mumbai, November 21: Hindalco’s share price is witnessing negative investor demand today after it confirmed a fire incident at the Novelis Oswego plant. As of 1:55 PM, Hindalco’s share price was down by 2.03%, or 16.25 points, and was trading at ₹785.55. Until now, the shares have traded within a range of ₹787 and ₹776.25. The traded volume stood at 40.13 lakh shares, with the company’s market cap at ₹1,79,733 crore. The shares have their 52-week high at ₹864 and their 52-week low at ₹546.45.

Hindalco Industries Limited (NSE: HINDALCO, BSE: 500440) is the metals flagship company of the Aditya Birla Group and a global powerhouse in aluminium and copper production. It is one of Asia’s largest producers of primary aluminium (outside of China) and India’s largest copper producer. The company was established in 1958 and is headquartered in Mumbai, Maharashtra.

Shares Fall After Company Confirms Fire Incident At Novelis Oswego Plant

The fall in the share price comes after the company confirmed that there was a fire at its Oswego, New York, facility of its wholly owned subsidiary, Novelis. The company said that the fire broke out on November 20 at around 8:45 AM EDT, and the update about the fire reached the company’s management in the morning today. It communicated that all employees were safely evacuated and there were no injuries to any of the employees. The company added that it will provide more updates once they are available. The fire is under control, and the company is monitoring the situation.

Investor Takeaway

Hindalco’s share price saw negative investor demand today due to the company confirming the fire incident at its subsidiary’s plant. However, there were no injuries reported to any of the employees, which is good news, given the situation. The company has yet to communicate the total value of the loss that occurred due to the fire. Investors will hope that the plant can start operating as soon as possible.

REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d3abae07-a2ee-49a4-a06d-4216e0cc1ff0.pdf

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