KCP Ltd, a cement-to-hospitality diversified firm, has said operations at its heavy engineering unit at Chennai have been disrupted due to the ongoing severe cyclone Michaung, sending shares plunging.
What Happened: The Tamil Nadu-headquartered firm said in an exchange filing that the unit had been shut down temporarily since December 4.
The firm said the losses suffered amid the shutdown were covered under its insurance policy and the insurer had been intimated about the loss. It said the amount of loss would be determined after a survey.
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Going into details for the disruptions, the company said the unit was flooded due to heavy rains caused by cyclone Michaung.
Price Action: KCP’s stock tumbled 2.68% to ₹143.60 following the announcement of its unit being shut down.
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