Here's why Gujarat Fluorochemicals share slipped 5% in trade on December 30

Gujarat Fluorochemicals share price: Chemicals company Gujarat Fluorochemicals shares slipped in trade on Monday, December 30, 2024. The Gujarat Fluorochemicals shares dropped up to 4.87 per cent to hit an intraday low of Rs Rs 4,182.10 per share.

 

The decline in the company’s share price followed an announcement made on Sunday, December 29, regarding an ‘incident’ at the CMS-1 plant that occurred on December 28, 2024. 

 

In an exchange filing, the company said, “Gujarat Fluorochemicals Ltd., (GFL) has always placed utmost priority to Safety in all its operations over the years. However, we would like to inform you that there was an incident at the CMS-1 plant on December 28, 2024, which was immediately isolated but the operations of the said Plant were temporarily disrupted. Due to this, four persons who were present at the said Plant and within the vicinity of wind direction got affected, were immediately admitted to the hospital at Dahej and thereafter, shifted to Bharuch for further treatment. During the treatment at Bharuch Hospital, due to the subsequent complications, they could not be saved.”

 

The incident was swiftly contained, but it temporarily disrupted operations at the plant, Gujarat Fluorochemicals said.

 

It added, four individuals present at the plant and in the path of the wind direction were affected. They were immediately admitted to a hospital in Dahej and later transferred to Bharuch for further treatment. Despite the medical efforts, complications during treatment led to their untimely demise.

 

The company has assured that all its assets are comprehensively insured under an existing policy.

 

“Each family will receive an ex-gratia amount of Rs 30 lakh, along with the full settlement of statutory dues, insurance benefits, and pending salaries. Additionally, to secure the future of our deceased employee's family, we are offering employment to his ward and sponsoring his education, including his Degree in Engineering. We are also committed to addressing any need of all affected families with personalised support. We are in close touch with the families of the affected individuals to extend due support at this hour of personal loss and distress,” Gujarat Fluorochemicals said.

 

About Gujarat Fluorochemicals 

 

Incorporated in 2018 as a part of the INOX Group, Gujarat Fluorochemicals Limited (formerly Inox Fluorochemicals Limited) stands as a major player in India's chemical industry. 

 

The company, having demerged from GFL Ltd, specialises in producing fluoropolymers, fluoro specialities, chemicals, and refrigerants. It is among the top five global producers of fluoropolymers and exports its products to Europe, the Americas, Japan, and Asia. 

 

Its product portfolio includes PTFE, PFA, FEP, FKM, and PVDF under fluoropolymers; agrochemical and pharmaceutical-grade fluorospecialities; HCFC 22 and other refrigerants; and industrial chemicals such as caustic soda and chloroform. 

 

The company operates multiple manufacturing units, including facilities in Dahej and Ranjitnagar, as well as an international plant in Morocco for fluorospar mining.  The Dahej unit is known for being the largest fluoropolymer plant in India. 

 

The company maintains a strong global presence with offices and warehouses in major markets such as the Americas, Europe, and Asia. 

 

At 10:30 AM, shares of Gujarat Fluorochemicals were trading 4.07 per cent lower at Rs 4,217.65 per share. By comparison, BSE Sensex was trading 0.09 per cent lower at 78,626.14 levels.