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Godfrey Philips shuts plants; stock falls 8%

The cigarette and FMCG major said it was monitoring the situation and will take necessary measures as directed by the Centre, state governments and local authorities.

twitter-logo BusinessToday.In        Last Updated: March 30, 2020  | 14:15 IST
Godfrey Philips shuts plants; stock falls 8%
The stock has lost 23.63% during the last one year and fallen 30.48% since the beginning of this year.

Godfrey Phillips share price fell in early trade today after the tobacco firm said it has suspended operations at all its plants and factories considering the nationwide lockdown.

Share price of Godfrey Phillips India declined 8.48% to Rs 841.80 compared to the previous close of Rs 922.15 on BSE.

Share price of Godfrey Phillips India has fallen after three days of gain. It opened with a loss of 4.54% to Rs 880.25.

The stock has lost 23.63% during the last one year and fallen 30.48% since the beginning of this year.

It has lost 23% in last one month.

The cigarette and FMCG major said it was monitoring the situation and will take necessary measures as directed by the Centre, state governments and local authorities.

However, the impact of the lockdown on operations cannot be measured right now, the firm added.

 "In light of Ministry of Home Affairs Order No. 40-3/2020-DM-I(A) dated March 24, 2020, as amended, the company has suspended operations at all its factories and plant locations," it said.

Godfrey Phillips said the company has already adopted ''work from home'' for its employees to minimise the risk and contain the spread of novel coronavirus infection.

"In the wake of the COVID-19 pandemic, the company is taking various measures to ensure the safety and wellbeing of all employees and is ensuring compliance with the directives issued by the central government, State Governments and local administration in this regard."

By Aseem Thapliyal

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