Fiem Industries Shares Fall After Fire Broke Out In Its Sonipat Plant

Shares of Fiem Industries Ltd. fell on Wednesday after a fire broke out in one of the buildings of unit-7 of its Sonipat plant, on Tuesday.

There was no loss or injury to human life and the fire, which broke out at noon, was brought under control within a few hours with the assistance of fire tenders. However, certain buildings, plants and machinery, supplies, and furniture were damaged.

The company is in the process of determining the loss caused by the fire and has launched the proper insurance claim procedure. In order to minimise any disruptions in delivery to its customers, Fiem Industries is in the process of arranging supply to its original equipment manufacturer clients from other buildings in the same unit, as well as from other units.

Shares of Fiem Industries fell 3.87% intraday, before paring gains to trade at 2.72% lower as of 10:04 a.m., compared to 0.031% decline in the Nifty 50.

The total traded quantity so far in the day stood at 2.3 times the 30 day average. The stock's relative strength index is 48.2, indicating the stock is neither overbought nor oversold.

Of the six analysts tracking the stock, five recommend a 'buy' rating and one suggests a 'hold', according to Bloomberg data.