Meanwhile, the S&P BSE Sensex was down 355.55 points, or 1.11% to 31,566.89.

On the BSE, 51,000 shares were traded in the counter so far, compared with average daily volumes of 45,000 shares in the past two weeks. The stock had hit a high of Rs 381.30 and a low of Rs 358.60 so far during the day.

The stock hit a record high of Rs 403.55 on 24 August 2017. The stock hit a 52-week low of Rs 165 on 27 December 2016.

Deepak Fertilisers and Petrochemicals (DFPCL) said it plans to set up a brown field Iso Propyl Alcohol (IPA) plant, with high purity Diisopropyl Ether (DIPE) as co-product, at Taloja with an ISBL (Inside Battery Limit) investment of approximately Rs 450 crore.

DFPCL, the sole manufacturer of IPA in India, enjoys significant market leadership. The OSBL (Outside Battery Limit) cost of the project will be worked out by engineering consultant with inputs of technology licensors.

DFPCL has been serving the IPA market since 2006 with a total manufacturing capacity of 70 kilo tons (KTA) per annum and since 2013-2014, the capacity utilization of the IPA plant has been more than 100% based on the actual production capacity. As the market demand continues to increase, significant portion of IPA demand is being met through imports, which is about 48% of the total IPA demand of the country. To fulfil the market requirement and maintain its market leadership, the company, in addition to manufacturing, has been importing and supplying IPA. The expansion will substitute the imported product by domestically manufactured product.

DFPCL is expanding its IPA capacity by 100 KTA and 7 KTA Diisopropyl Ether (DIPE); the execution of the project would take around 30 months.

On a consolidated basis, net profit of DFPCL declined 15.82% to Rs 37.40 crore on 20.63% rise in net sales to Rs 1274.27 crore in Q1 June 2017 over Q1 June 2016.

DFPCL is a multi-product Indian conglomerate with a multi-product portfolio spanning industrial chemicals and value added real estate.