Shares of Solar Industries India Ltd slipped 0.57% to Rs 14,212 on Wednesday after reports of an explosion at the company’s defence-cum-commercial explosives facility in Bazargaon, located 40 km from Nagpur. The stock lost Rs 81 from its previous close of Rs 14,293, with intraday trading between Rs 14,121 and Rs 14,378. The company’s market capitalization currently stands at Rs 1.28 lakh crore.
Blast details
The explosion occurred shortly after midnight on Wednesday. While no casualties were reported, five workers sustained burn injuries, with three said to be in critical condition. The injured were rushed to a private hospital in Nagpur. Eyewitnesses said the blast wrecked the explosives unit, and police have launched an investigation to determine the cause.
This is the second major incident at the Bazargaon facility in two years. A blast in December 2023 had claimed nine lives. The company, a leading supplier of high-energy materials and ammunition to India’s armed forces, manufactures both defence ammunition and commercial explosives.
Response on the ground
Police personnel were deployed in large numbers at the site as crowds gathered near the factory gates. Former Maharashtra home minister and NCP (Sharad Pawar faction) leader Anil Deshmukh also visited the spot. According to a management source, the explosion took place in a single building, and most workers were swiftly evacuated.
Updated stock performance
Solar Industries’ stock has a 52-week range of Rs 8,482.50 to Rs 17,820. It trades at a P/E ratio of 101.58 and offers a dividend yield of 0.07%. The average trading volume stands at 115,560 shares.