A large number of companies across sectors such as Infosys, TVS Motor, Madras Fertilizers and Natco saw their stocks decline by as much as 6 percent.
     
Shares of TVS Motor Company plunged 4.87 percent to Rs 289.20 on BSE."Incessant rains for the past three weeks in Chennai have had an adverse effect on company's production during this period. The company suffered sales loss of approximately 15,000 units due to inclement weather," TVS Motor said yesterday.
     
The stock of Natco Pharma fell by 1.41 percent to Rs 516.85. Natco Pharma today said its active pharmaceuticals ingredient (API) plant at Chennai has suspended operations due to flooding caused by rains.
     
Heavy downpour has hit operations of IT companies in Chennai -- one of the leading IT destination in the country.  Most of the offices in the city, including that of IT companies, remained closed today due to heavy rains with leading Indian firm Infosys deciding to remain closed tomorrow
as well due to flooding at its premise.
    
"In light of the rains and flooding in Chennai, Infosys campuses in the city were closed on December 2 and we have also declared a holiday on December 3. Our teams in Chennai have been working with local authorities to get employees stranded across the city to return home safely," Infosys spokesperson said.
     
Infosys stock was down 1.53 percent to Rs 1,060.20. Others such as Madras Fertilizers tumbled 6.35 percent to Rs 16.95, India Cements declined by 2.43 percent to Rs 88.45 and Chennai Petroleum Corporation were down 0.93 percent to Rs 201.45.
     
"Shares of companies based in Chennai took a sharp hit as heavy flooding in the region paralysed operations across many sectors. Chennai is a major auto manufacturing and IT outsourcing hub for companies," an expert said.

 

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