tumbled sharply on Monday, hitting an intraday low of Rs 47 on BSE, down 14.8%, after a major explosion and fire broke out at its pharmaceutical manufacturing facility in the Pashamylaram industrial area, Telangana.The incident has led to multiple casualties, triggering investor concerns over operational disruptions and potential regulatory fallout.
According to media reports, the blast occurred when a chemical reactor exploded during operations, resulting in a devastating fire that engulfed the facility. One building reportedly collapsed completely due to the force of the blast. At least 8 people were reported dead and over 20 others seriously injured, as per initial updates.
“A massive explosion at Sigachi Chemical Industry in Pashamylaram, Sangareddy district, has resulted in several deaths and serious injuries. The blast threw workers up to 100 meters away, trapping many in nearby tents as fires continued to rage. Firefighters are on-site battling the flames and conducting rescue operations,” reported news agency PTI on its X handle.
Visuals from the site showed plumes of smoke rising from the plant, with local authorities and emergency services rushing to evacuate and transport the injured to nearby hospitals.
While the company has not yet issued an official statement regarding the extent of the damage or its operational impact, the severity of the accident has weighed heavily on market sentiment.
Around 1 pm today, shares of Sigachi Industries were trading 13% lower at Rs 48 on the BSE.Over the past year, shares of Sigachi Industries have declined by 20.92%, while the year-to-date (YTD) performance shows a drop of 5.30%. In the last six months, the stock has fallen by 3.97%. However, over the past three months, it has gained 36.24%. For the one-month period, the stock registered a decline of 9.12%.
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