Tata Power announces temporary closure of Mundra units operations, here's why

Tata Power on Friday said the company has temporarily suspended operations of its units located at Mundra, Gujarat. In the current session, Tata Power shares closed on a flat note at Rs 397.75. Market cap of the firm stood at Rs 1.27 lakh crore. The stock is neither oversold nor overbought on charts, signals its relative strength index (RSI), which stands at 60.9. In terms of price action, the stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, 200 day moving averages.

The Tata Group stock touched a record high of Rs 465.55 on October 21, 2024. It has seen very high volatility in the last one year as its beta stands at 1.3.

"We wish to inform that the Company has temporarily suspended operations of its units located at Mundra. The Company is actively undertaking requisite measures and anticipates resumption of operations in due course," said Tata Power.

The units are being closed to undertake pending overhauling activities aimed at resolving the existing technical issues. The closure is expected to last till November 30 this year.