Premier Explosives Share Price Falls After Telangana Factory Blast

Premier Explosives Ltd. share price declined after a blast at its facility in Telangana claimed the life of one worker. This is the second such blast at this unit, which has raised questions about safety measures.

A massive explosion at Premier Explosives Company in Peddakandukuru, Yadadri district, caused an alarm, NDTV reported. A worker has lost his life in the incident.

Preliminary investigations suggest that the blast has occurred due to a pressure valve leak. Now, authorities are investigating the cause of the blast to prevent future incidents.

Premier Explosives' share price fell as much as 1.39% to Rs 427 apiece. It was trading 0.77% down at Rs 429.65 apiece as of 11:45 a.m., as compared to a 0.10% decline in the NSE Nifty 50 index.

The stock declined 26.94% in 12 months and 17.69% on a year-to-date basis. The relative strength index was at 25.34.