On June 30, a massive explosion took place at Sigachi’s factory in Pashamylaram near Hyderabad, claiming multiple lives and causing significant damage to the facility
Stating that 40 people died and 33 were injured in the blast, the CEO said there were 90 employees working inside the building when the incident occurred.
District officials said 36 bodies have been retrieved so far, of which 18 were identified and sent to their respective native places in ambulances. However, the remaining 18 bodies are yet to be identified.
Meanwhile, local CPI(M) leaders, who visited the site, said many daily wagers also attend duty every day in Sigachi, but the management is not maintaining their names in the attendance record.
In three days, the stock has lost 22.63 per cent on the BSE. On July 2, the stock dropped 7.34 per cent to settle at Rs 42.69 apiece on BSE while it it tanked 7.57 per cent to Rs 42.56 a share on NSE
Conflicting statements from Chief Minister A Revanth Reddy and the CMO have created confusion over whether the Rs.1 crore ex gratia to Sigachi accident victims will come from the State government, the company, or both
Sigachi Industries announced Rs.1 crore ex gratia to families of the 40 deceased in the Pashamylaram blast and assured medical support to 33 injured. The company denied media reports of a reactor explosion and suspended operations for 90 days.
The stock plunged 11.58 per cent on June 30 to settle at Rs 48.79 apiece on the BSE. During the day, it lost 14.82 per cent to Rs 47. On the NSE, the stock cracked 11.19 per cent to Rs 48.95
