Sigachi Industries stock tanks 14% after deadly explosion at Telangana unit

Sigachi Industries stock is down nearly 32 per cent from its 52-week high of ₹69.89 touched on August 1, 2024

Sigachi Industries share price today: Shares of pharmaceutical company Sigachi Industries crashed nearly 14 per cent on Monday amid reports of an industrial accident at one of its associated plants in Telangana. 

 

At 2 PM, the stock was trading at ₹47.64, down 13.57 per cent from its previous day's close of ₹55.12. In comparison, the benchmark Nifty50 index was quoting at 25,478.9 levels, down 158.9 points or 0.62 per cent. 

 

The stock is down nearly 32 per cent from its 52-week high of ₹69.89 touched on August 1, 2024. Last checked, the company's market capitalisation stood at ₹1,820.41 crore.

Here's why Sigachi Industries shares are falling

According to a PTI report, a massive fire broke out after one of the reactors exploded at a Sigachi Chemical Industry unit in Telangana's Pashamylaram, reportedly killing 10 people and injuring several. 

 

A rescue operation is underway at the site and 11 fire tenders were rushed to the location. In addition, several workers are feared trapped at the accident site and efforts were on to rescue them. 

 

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.  

According to various reports, a fire alert was received at 9:37 AM, prompting the deployment of 11 fire tenders from stations including Patancheru, Sangareddy, Kukatpally, Madhapur, Jeedimetla, and Rajendranagar. 

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.