Hikal stock price slipped 5% after the Gujarat Pollution Control Board (GPCB) requested the pharma firm close operations at its Bharuch plant for violating environmental norms.

GPCB directed Hikal to finish operations at the GIDC Panoli unit within 15 days for the alleged violations of the provisions of the Environment (Protection) Act, 1986.

Hikal takes environmental obedience with the utmost importance and recognises the significance of adherence to guidelines and upholding ecological harmony, the company mentioned in a statement.

The company added that the company was involved with the GPCB to comprehend the reasons behind the direction and to seek a resolution.

In the March quarter, the company reported a 74% YoY rise in net profit at Rs 36 crore. Total revenue touched Rs 545 crore, marking a 9% increase from Rs 502 crore in the corresponding period of last fiscal year.

At the operating level, earnings before interest, tax, depreciation, and amortisation (EBITDA) soared 48% to Rs 90 crore from Rs 61 crore the previous year.

The stock was trading at Rs 285.55 on the NSE, down 5.57% from the previous close.