Shares of Aditya Birla Group's Hindalco Industries Ltd . fell as much as 3% on Friday, November 21, after reports of another fire having taken place at its unit Novelis' Oswego plant last month.

There was a major fire that took place in September, while a smaller fire was reported last month as well.

Novelis and its results were an overhang on Hindalco and its financial performance recently. Novelis in its earnings statement projected a cash flow hit between $550 million to $650 million and a loss of $100 million to $150 million on the Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) front.

While Hindalco is anticipating a recovery of 70% to 80% of the amount through insurance, Novelis mentioned that there are plans to restart operations at the affected part of th

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