GTN Textiles suspends operations at Aluva, Ernakulam factory; Stock down 1.5%

13 Jun 2022 , 03:10 PM

GTN Textiles Limited has informed in a regulatory filing that the company has suspended the operations of its factory at Aluva, Ernakulam from today i.e. June 13, 2022 onwards because of unsustainable wages, paucity of working capital and steep increase in cotton prices, resulting in lower capacity utilization making the operations unprofitable.

“The Management is making all efforts to overcome the situation and further development in this regard will be intimated in due course, said company in a filing on Monday.

At around 3:10 PM, GTN Textiles was trading at Rs16 apiece down by Rs0.25 or 1.54% from its previous closing of Rs16.25 apiece on the BSE.