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The traffic on the winding road to Ponmudi hill was banned as fissures were found near 11th and 12th hairpin curves and the chances of landslides were high.
Officials say there is no scientific basis to the reports on the presence of precious stones.
Videos and photos of the ride have been shot all along the route and would be exhibited at various places, including Dubai and other centres abroad.
All educational institutions will remain shut on Tuesday in Kottayam, Pathanamthitta, Kollam and Alappuzha districts.
According to reports, a new low-pressure area is likely to form in the Andaman Sea in the Bay of Bengal in the next 12 hours.
The water level at Idukki was at 2,398.30 feet at 6 pm on Sunday, five feet short of its maximum capacity of 2,403 ft.
Of the total 37 dams in the State, the shutters of 35 dams still remain open.
Around one lakh litres of water per second will be released from the Idukki dam.
Despite a brief let-up in the heavy bout of rain triggered by a low-pressure area formed over the Arabian Sea, the state still reels from several rain-related incidents.
Red alert has been issued for 10 dams in Idukki, Pathanamthitta and Thrissur districts.