Tata Chemicals shares in focus after Kenya exit order

Ltd shares are likely to remain in focus on the Indian stock exchanges on Friday (Sep 4) after Kenyan President William Ruto ordered the company’s African subsidiary, Tata Chemicals Magadi Limited (TCML), to cease operations and leave the country. Tata Chemicals Share Price Today On September 4, Tata Chemicals stock declined to a day’s low of Rs 625, compared with its previous closing price of Rs 641.35. This represents a decline of 2.55 per cent from the previous close. Tata Chemicals clarified saying it is fully compliant with local rules and has submitted its response, with the company now awaiting the Kenya Ministry’s review. Ruto said Tata had held the contract for about 100 years but had not built a factory in the area. The development comes after the Kenyan government, in late July, ordered Tata Chemicals to suspend operations at its Magadi soda ash factory and stop exporting soda ash, Reuters reported. The government now plans to bring in new companies to develop glass and chemical manufacturing facilities in Kajiado. On Friday, Tata Chemicals stock closed at Rs 641.35, up 1.17 per cent on NSE.