Sigachi Industries Shares Slump Nearly 11% Extending Decline To Third Day
Debris in the plant has been almost cleared, however, the company has not received a no objection certificate from the fire department.
Sigachi Industries Ltd.'s share price slumped nearly 11% on Wednesday and extended losses to the third day. The share price started to log sharp losses after a fire incident at its Hyderabad facility on June 30. The incident has claimed lives of 40 employees and left 33 injured, Sigachi Industries said in a statement.
Sigachi Industries will give ex-gratia compensation of Rs 1 crore for families of the deceased, while those injured will receive full medical and rehabilitation support, the statement said.
The explosion at the facility in Pashamylaram, Telangana was not a result of reactor explosion, Sigachi Industries clarified. The investigation is till on and result of it is awaited, it said.
Debris in the plant has been almost cleared, however, the company has not received a no objection certificate from the fire department. An investigation is required before identifying the root cause, the PTI report said.
Sigachi Industries has been coordinating in emergency response, family support, and cooperating with the investigation and compliance since the time of the accident, it said.
Sigachi Industries Share Price Today
Sigachi Industries' share price slumped 10.97% to Rs 41 apiece. The share price has been declining for five sessions, with the fall continuing after the incident. The share price pared some losses to trade 6.73% lower at Rs 42.96 apiece as of 11:51 a.m., as compared to a 0.19% decline in the NSE Nifty 50.
The stock has declined 28.28% in 12 months, and 13.94% on year-to-date basis. Total traded volume so far in the day stood at 7.7 times its 30-day average. The relative strength index was at 28.98, which implied the stock is slightly oversold.
