Sigachi Industries Shares Tank Over 12% After Major Blast At Telangana Facility

The steep decline in share price was accompanied by an unusual spike in trading activity. Around 2 crore equity shares of the company changed hands on the exchange

Local authorities have begun a rescue operation at the site

Source : PTI

Shares of Sigachi Industries witnessed a sharp sell-off on Monday following reports of an industrial accident at one of its associated plants in Telangana. The stock plunged by as much as 12.75 per cent to Rs 48.09 apiece on the Bombay Stock Exchange (BSE), reacting to news of a reactor blast at the Sigachi Pharma Company in the Sangareddy district.

By 1.00 pm, the share price had marginally recovered but was still trading deep in the red, down 12.75 per cent at Rs 48.09 per share at the BSE.

The steep decline in share price was accompanied by an unusual spike in trading activity. Around 2 crore equity shares of the company changed hands on the exchange, significantly surpassing the stock’s one-week average volume of 65 lakh shares and one-month average of 71 lakh shares.

Explosion Prompts Emergency Response

According to a report from the news agency ANI, a reactor explosion occurred at the Sigachi Pharma Company unit located in Pasamailaram Phase 1, a region in Telangana’s Sangareddy district. Emergency services responded swiftly, with eleven fire tenders deployed to tackle the incident.

“The incident took place at Sigachi Pharma Company, Pasamailaram Phase 1. Eleven fire tenders have reached the site. Nearly 15-20 people have been injured. Further details awaited,” Telangana Fire Officials told ANI.

Rescue Operations Ongoing

Local authorities have begun a rescue operation at the site of the blast. As of now, no fatalities have been reported. Speaking to ANI, Sangareddy Superintendent of Police, Paritosh Pankaj, said, “Till now we haven't recovered any bodies, rescue operation is going on, we will update in some time..”

News agency PTI shared images from the blast site, showing thick smoke rising from the facility. Investigations into the cause of the blast are expected to follow once rescue efforts conclude.