Century Enka share price slumped by more than 9% during Thursday’s trading session after the Aditya Birla Group company announced to the exchanges that there was a fire at its NFY spinning facility in Bharuch, Gujarat, resulting in a temporary disruption of production at that plant.
No injuries or fatalities among individuals have been reported, and sufficient measures are being taken to restore the functioning of the plant.
“The fire was controlled at the time of communication to the exchange. However, production operation of the said plant is temporarily disrupted. There are no human injuries or casualties reported. Adequate steps are being undertaken to restore the operation of the plant. The company is in the process of ascertaining the cause of the fire and the actual loss caused by it,” said the company.
Additionally, the company has indicated that sufficient insurance coverage exists for the mentioned plant, and notification to the insurance provider is underway. This incident is not expected to significantly affect the company’s profitability.
Century Enka share price today
Century Enka share price today opened at ₹590.20 apiece on the BSE, the stock touched an intraday low of ₹538.25 per share, and an intraday high of 595.20 apiece.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Century Enka share price had a decent upmove last week, moving from the levels of 440 to 620, however today the prices are under tremendous pressure down more than 9% and losing around 50% of recent gains.
For now considering today’s strong sell0 off fresh long could be avoided, however, prices may see strong support around 510 the 61.8% retracement level and 470 as support as the origin point of last week’s rally, any reversal signs around this zone can be considered for buying.
