Shares of Jindal Poly Films Ltd. declined the most in over seven months since May 11, 2022 after a fire broke out in its factory, leading to the deaths of two people.
The fire had killed two people and injured 17 others when a massive fire, triggered by a blast in a boiler of a chemical factory, broke out on Sunday in Maharashtra's Nashik district, according to PTI.
Jindal Poly confirmed the incident, saying that the fire took place at its unit JPFL Films Private Ltd.'s factory in Nashik district on Jan. 1 at around 11:30 a.m.
The production operation at part of the plant is temporarily disturbed, it said. The company will assess the cause of the fire in due course, and the subsidiary is in the process of estimating the actual loss.
The company said there is adequate insurance for the plant.
"The workers who were injured in the severe fire at JSW Company at Igatpuri in Nashik district went to Suyash Hospital for questioning. On this occasion, he was assured of all possible help from the government," said Maharashtra Chief Minister Eknath Shinde.
नाशिक जिल्ह्यातील इगतपुरी येथील जेएसडब्लू कंपनीत लागलेल्या भीषण आगीत जखमी झालेल्या कामगारांची सुयश रुग्णालयात जाऊन चौकशी केली. यावेळी त्यांना शासनाकडून त्यांना सर्वतोपरी मदत करण्याचे आश्वासन दिले. pic.twitter.com/HiwIFgqDkL
January 1, 2023Meanwhile, Maharashtra Deputy Chief Minister Devendra Fadnavis said that the fire incident took place due to an explosion.
An unfortunate fire incident took place in Jindal Company near Igatpuri in Nashik district due to an explosion.
Undaunting efforts to extinguish the fire are being taken by the administration. Additional fire tenders have also been called. https://t.co/kQM2YW82OfJanuary 1, 2023AdvertisementThe Maharashtra state government has launched a high-level probe to identify the cause of the fire, PTI said.
Shares of the company fell 8.97%, the most in over seven months since May 11, 2022 before closing 2.07% lower. The benchmark Nifty 50 ended the day with 0.51% gains.
The scrip traded 6.9 times its 30-day average volume. The relative strength index is 35, according to Bloomberg data.
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