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Sigachi Industries shares drop 18% in two days after fatal accident
The pharmaceutical company's stock fell as much as 6.97 per cent during the day to ₹45.3 per share. On Monday, the stock fell as much as 14.7 per cent, but pared some losses to end 11.5 per cent lower. At 11:42 AM, the stock was trading 6.7 per cent in the red, compared to a 0.05 per cent advance in the Nifty 50.
Shares of the company are down nearly 25 per cent from the recent peak of ₹59 apiece, which it hit last month. The counter has fallen 9.8 per cent this year, compared to an 8.2 per cent advance in the benchmark Nifty 50. Sigachi Industries has a total market capitalisation of ₹1,719.91 crore.
Fatal accident at Telangana unit
In an exchange filing, the company clarified that a fire incident occurred at the Hyderabad Plant. "The incident has unfortunately resulted in the loss of human life, and there may have been individuals who sustained injuries. While the exact number of injuries is currently being confirmed, the well-being of our personnel remains our foremost priority."
A thorough on-ground assessment of the situation is currently in progress, the company said and added that it is coordinating with relevant authorities to ensure all safety and support protocols are followed.
The operations at the plant will be temporarily paused for an estimated period of 90 days to facilitate the replacement and restoration of affected equipment and structures, the company said. It added that they are evaluating the expected quantum of the damage caused due to the incident. However, the damage was covered by insurance, it said.
Rescue operation
A fire alert was received at 9:37 AM Monday, prompting the deployment of 11 fire tenders from stations including Patancheru, Sangareddy, Kukatpally, Madhapur, Jeedimetla, and Rajendranagar.
Chief Minister A Revanth Reddy expressed anguish over the explosion and directed authorities to take all the necessary action to save the trapped workers and provide them with advanced medical care.
About Sigachi Industries
Incorporated in 1989, Sigachi Industries is one of the major producers and distributors of Micro Crystalline Cellulose Powder (MCCP). The company offers 59 different grades of MCC through its two state-of-the-art manufacturing facilities in Hyderabad and Gujarat, with a total installed capacity of 11,880 MTPY. Sigachi Industries is also a leader in the field of Pharma Excipients, Nutra and food ingredients.
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