Sigachi Industries Shares Dive 12% After Blast at Telangana Unit Leaves 10 Dead

Shares of Sigachi Industries plummeted over 12% on June 30 following reports of a reactor blast at the company’s unit in Pashamylaram, Telangana.

News agency PTI reported of a fire breaking out at Sigachi’s unit following a reactor explosion, leaving 10 dead.

The explosion reportedly took place in one of the reactors at the pharmaceutical manufacturing unit, triggering panic in the vicinity, the Hindu reported. According to ANI, citing Telangana fire officials, the blast also injured 15-20 people.

Further details along with a confirmation from Sigachi Industries are still awaited.

As on the bourses, trading volumes in the counter ticked sharply higher. As many as two crore shares of Sigachi Industries changed hands on the exchanges thus far, already higher than the one-month daily traded average of 71 lakh shares.

Shares of Sigachi Industries have remained an underperformer in the last one year, falling over 18% during the period.

Earlier this month, the company received Terms of Reference (ToR) approval from the State Environment Impact Assessment Authority (SEIAA) in Andhra Pradesh for its upcoming API manufacturing facility.

This key approval paves the way for setting up a new plant at Orvakal in Kurnool district, dedicated to the production of bulk drugs, drug intermediates, and specialty chemicals, including Active Pharmaceutical Ingredients (APIs).

(With agency inputs)