Pashamylaram blast: Sigachi Industries shares fall for 2nd day, tumble nearly 6 per cent

The stock plunged 5.57 per cent to settle at Rs 46.07 on the BSE on July 1. During the day, it dropped 8.36 per cent to Rs 44.71

New Delhi: Shares of pharmaceuticals firm Sigachi Industries Ltd fell nearly 6 per cent on Tuesday, extending their previous day’s decline, after an explosion at its manufacturing facility at Pashamylaram in Telangana killed several people.

The stock plunged 5.57 per cent to settle at Rs 46.07 on the BSE. During the day, it dropped 8.36 per cent to Rs 44.71.

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At the NSE, it fell by 5.76 per cent to end at Rs 45.95. Shares of Sigachi Industries Ltd had tanked over 11.50 per cent on Monday also.

The death toll from the explosion at the Sigachi Industries’ pharma plant at Pashamylaram has risen to 36, Chief Minister Revanth Reddy said on Tuesday.

Sigachi Industries on Monday said production at its Hyderabad plant, which saw a fire incident, leading to the death of several workers, would be paused for around 90 days to restore affected equipment and structures.

Sigachi Industries is a pharmaceutical company engaged in Active Pharmaceutical Ingredients (APIs), Intermediates, Excipients, vitamin-mineral blends, and Operations and Management (O&M) services, according to the company’s website.