Aether Industries Shares Tumble Over 8% After Surat Plant Blaze

Shares of Aether Industries Ltd. tumbled over 8% to nearly a year low on Wednesday after a fire broke out at its manufacturing facility in Surat.

The fire, which broke out on Nov. 28, injured 22 people, according to the company statement. The injured personnel are stable and under medical supervision. However, there were no casualties, the company said.

Only the Plant 2 and Unit 2 areas were affected by the fire, all other areas of the factory complex including the QC area, storage, and quarters were not affected, the company said.

The company is still assessing the damage caused by the fire, though it will be covered by insurance, it said.

Shares of the company fell as much as 8.44%, the lowest since Dec. 27, 2022, before paring losses to trade 7.46% lower at 11:38 a.m. This compares to a 0.69% advance in the NSE Nifty 50.

The stock has risen 0.06% on a year-to-date basis. Total traded volume so far in the day stood at 21 times its 30-day average. The relative strength index was at 33.48.

All seven analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 7%.