The shares of Premier Explosives Ltd. fell nearly 18% on Wednesday after it reported that there was a fire and explosion at its Telangana factory. In addition, the shares were trading at a high volume.
Three lives were lost while six people are injured in the explosion, the company said in an exchange filing on Wednesday. The explosion was at a propellant mixing building at a factory in Katepally Village, Motakondur Mandal, Yadadri-Bhongir District, Telangana, on Tuesday.
"Emergency measures were taken immediately under the supervision of directors and senior officers, which helped in containing the impact of the explosion," the company said in the regulatory filing.
The company further added that the cause of the fire and explosion is being investigated. The company further added that the explosion has resulted in damage to the building and machinery, and these assets, according to the company, were appropriately insured.
The manufacturer of industrial explosives and detonators is in the process of assessing the actual loss caused by the fire and explosion.
Premier Explosives in January this year had reported a fire in Peddakandukur village, Yadadri Bhuvanagiri District, Telangana. Tragically, the incident resulted in the loss of one life, with another individual sustaining severe injuries.
Premier Explosives Share Price Decline
The shares of Premier Explosives fell as much as 17.92% to Rs 383.55 apiece, the lowest level since April 25. It pared losses to trade 11.95% lower at Rs 411.45 apiece, as of 11:36 a.m. This compares to a 0.02% decline in the NSE Nifty 50 Index.
It has fallen 16.60% in the last 12 months and 21.93% year-to-date. Total traded volume so far in the day stood at 9.8 times its 30-day average. The relative strength index was at 68.
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