Tragedy at Sigachi Industries: Stock Plummets Amid Fatal Explosion
Sigachi Industries' shares fell nearly 6% after an explosion at its Telangana facility resulted in 36 fatalities. The company's stock continued to decline following a previous 11.5% drop. Production at the affected plant is paused for 90 days. Sigachi specializes in APIs, excipients, and vitamin-mineral blends.
- Country:
- India
In a significant market reaction, shares of pharmaceutical company Sigachi Industries Ltd tumbled almost 6% on Tuesday. The fall extended losses from the previous day, triggered by a devastating explosion at their manufacturing plant in Telangana, resulting in multiple fatalities.
The stock closed at Rs 46.07 on the BSE, reflecting a 5.57% drop, with intraday lows hitting Rs 44.71, an 8.36% decline. Meanwhile, at NSE, the firm's shares ended down 5.76% at Rs 45.95. On Monday, the company had already seen its shares plunge over 11.50%.
The tragic incident at Sigachi Industries' Pashamylaram plant claimed 36 lives, as confirmed by Chief Minister Revanth Reddy. In response, the company announced a halt in production for an estimated 90 days to repair and restore damaged equipment and structures. Sigachi Industries primarily deals in Active Pharmaceutical Ingredients, excipients, vitamin-mineral blends, and O&M services.
(With inputs from agencies.)
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