Tragedy at Sigachi: Production Halted Following Hyderabad Plant Explosion

A fire incident at Sigachi Industries' Hyderabad plant has resulted in the tragedy of multiple deaths and injuries. The devastating explosion, confirmed by Telangana Minister Damodara Raja Narasimha, has led to a temporary production halt for around 90 days as the company assesses damages to equipment and civil structures.

The Hyderabad plant contributes a significant portion of the company's production capacity, and while operations are paused for restoration, efforts are underway to optimize output from other units in Gujarat. Despite the setback, the company remains committed to prioritizing safety and resuming operations with enhanced safety measures.

With the Hyderabad facility fully insured, Sigachi Industries is in the process of aligning necessary claims. Meanwhile, investor confidence took a hit as company shares dropped by 11.58% on the BSE. The company reassures stakeholders of its dedication to operational excellence and risk mitigation.

(With inputs from agencies.)