Shares of Sigachi Industries fell nearly 5% in early trade on Tuesday following a fire incident in its Hyderabad manufacturing facility. The company confirmed that the fire occurred at its plant located in Pashamylaram, Medak district, Telangana. As of 9:23 AM, the shares were trading 5.46% lower at Rs 46.10.
The unfortunate incident resulted in the loss of life, and some individuals may have sustained injuries. While the exact number of injuries is yet to be confirmed, Sigachi emphasized that the safety and well-being of its employees remain its top priority. The company also extended condolences to the families affected and assured that it is providing all necessary support.
In a regulatory filing, Sigachi stated that some ancillary equipment and civil structures within the facility sustained damage due to the fire. However, a detailed on-ground assessment is underway in coordination with local authorities.
The core manufacturing infrastructure has also been affected, leading the company to temporarily halt operations at the facility for approximately 90 days. This pause will allow time for restoration and replacement of damaged equipment.
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