After a major explosion and fire at the pharmaceutical manufacturing plant of Sigachi Industries located in the Pashmilaram Industrial Area of Telangana, the company’s shares fell drastically on Monday and it reached an intraday low of Rs 47 on BSE. During the business session, the company’s shares have seen a decline of about 15 percent. Many people have died in this incident, due to which the concerns of investors have increased about operational disruption and possible regulatory results. Let us also tell you what kind of story the company figures are telling in the stock market.
Something like this is Telangana incident
According to media reports, the explosion occurred when a chemical reactor exploded during the operation, resulting in a terrible fire which caught the plant. A building allegedly collapsed completely due to the force of the blast. According to the initial update, at least 10 people died and more than 20 people were seriously injured. According to the information, many people were killed and many were seriously injured in the horrific explosion in Sigachi Chemical Industry in Pashmilaram of Sangareddy district.
Due to the explosion, the employees fell 100 meters away, causing many people to get trapped in a nearby tent and kept on fire. Firemen are carrying out fire extinguishers and rescue operations on the spot. In the scenes found from the scene, smoke is seen rising from the plant, local officials and emergency services are engaged in removing the injured and transporting them to nearby hospitals. Although the company has not yet issued any official statement about the loss limit or its operational impact, the seriousness of the accident has made a huge impact on the market notion.
Sigachi Industries shares decline a big decline
At 2.45 pm, the company’s shares were trading at Rs 48.95 with a decline of 11.29 per cent. Whereas during the business session, the company’s shares saw a decline of about 15 percent. After which the company’s shares reached 47 rupees. In the last one year, the shares of Sigachi Industries have fallen by 20.92 per cent, while the company’s stock has lost 5.30 per cent in the current year.
In the last six months, the stock has declined by 3.97 percent. However, in the last three months, it has seen a growth of 36.24 percent. The company’s stock has broken more than 9 percent in a month. If we look at today’s decline, the company’s market cap has seen a decline of Rs 312.44 crore and the total market cap of the company has come to Rs 1,795.22 crore.