Bayer Cropscience Ltd on December 13 stated that it has temporarily discontinued operations at its formulations plant at Himatnagar in Gujarat.
The development comes after Gujarat Pollution Control Board (GPCB) issued closure directions after inspecting the plant and recording certain observations, Bayer Cropscience said in a regulatory filing.
The company has complied with all observations and submitted its compliance report with a request to revoke the directions, it added.
The agriculture and biotechnology company further noted that the said temporary discontinuation of the operations will not impact the continuity of business in the short term. "No monetary penalty has been imposed either," it added.
Meanwhile, shares of Bayer Cropscience today closed 2.2 percent lower at Rs 4,690 apiece on BSE against its previous close. The stock has fallen 5.34 percent on a year-to-date (YTD) basis.
Bayer Cropscience posted a 5.51 percent increase in net profit at Rs 162.6 crore in the quarter ended September 30, 2022. It had a net profit of Rs 154.1 crore in the same quarter previous fiscal.
Total income increased to Rs 1,451.9 crore in the second quarter of the current fiscal from Rs 1,365.1 crore in the year-ago period.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!