NTPC trades lower after boiler explodes in UP; retreats

NEW DELHI: Shares of NTPC were trading lower on Thursday but eventually ended the day higher after a massive explosion ripped a boiler at NTPC's Unchahar plant in Uttar Pradesh's Rae Bareli district on Wednesday and killed atleast 20 people while injuring nearly 100.

Following the development, the stock fell 0.25 per cent to Rs 179.70 on BSE. It ended the session at Rs 180.35, up 0.11 per cent. It opened at Rs 177.60 and touched an intraday high and low of Rs 181.05 and Rs 176.50 respectively.

In a filing to BSE, the company said "Unit 6 (500 MW) of Feroze Gandhi Unchhar Thermal Power Station, Raebareli, UP, is under shutdown after an accident in the evening of November 1, 2017. The other five units of the station are operating normally."

NTPC initiated a probe to ascertain the reasons behind the blast, while Chief Minister Yogi Adityanath announced Rs 2 lakh compensation for the families of those killed and Rs 50,000 for the grievously injured, officials said.

Promoters held 62.99 per cent stake in the company as of September 2017.

The scrip touched its fresh 52-week high of Rs 187.95 on October 27, 2017 and its 52-week low of Rs 146 on November 9, 2011.