Bombay Dyeing shares hit 5% upper circuit as firm decides to close loss-making Indonesian subsidiary

New Delhi: Stocks of Bombay Dyeing and Manufacturing Company were locked at 5 percent upper circuit on Tuesday after the company's board approved the closure of its loss-making Indonesian subsidiary. [caption id="attachment_4437105" align="alignleft" width="380"]

Representational image. Reuters image.[/caption]The company's stock advanced as much as 4.97 percent to Rs 115.10 on the BSE. On the NSE, the scrip was locked in at 4.98 percent up at Rs 114.95. "As approved by the board, the company has given its consent by signing the shareholder's resolution of its subsidiary in Indonesia -- PT Five Star Textile Indonesia (PTFS) on 17 December, 2018 for closure of the same," Bombay Dyeing said in a regulatory filing on Monday. "As already intimated that PTFS was incurring losses for many years hence, this is in line with the strategic move to close this subsidiary," it added.