Shares of Solar Industries India Ltd. slumped as much as11% on Monday after at least nine people were killed in an explosion in its cast booster unit in Maharashtra's Nagpur district a day ago.
The incident is being investigated for all the root and contributory causes, and corrective and preventive actions will be implemented, according to an exchange filing.
As far as financial impact is concerned, the loss is limited to this particular building only, it said.
On the NSE, Solar's stock fell as much as 10.67% during the day to Rs 6,150 apiece, the lowest since Dec 1. It pared losses to trade 2.78% lower at Rs 191.40 apiece compared to a 0.14% decline in the benchmark Nifty 50 as of 10.22 a.m.
The stock has risen 53.38% on a year-to-date basis. The total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 59.28.
Six out of the eight analysts tracking Solar Industries have a 'buy' rating on the stock and two recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7.1%.
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