Massive Reactor Explosion at Sigachi Industries in Telangana Kills 10, Injures Many; Stock Plummets 11%

Massive explosion at Sigachi Industries

Sigachi Industries shares crashed over 11 percent on June 30 after a massive fire broke out after one of its reactors exploded in Telangana's Pashamylaram, reportedly killing 10 people and injuring several.

Visuals from the area showed smoke erupting from the plant, with authorities rushing the injured to hospital. At least 20 people have been seriously injured.

One building completely collapsed due to the impact of the blast, News18 reported. The chemical reactor blasted during operations at the pharmaceutical manufacturing unit in Pashamylaram industrial area, reports said.

Further details are currently awaited.

\"The incident took place at Sigachi Pharma Company, Pasamailaram Phase 1. Eleven fire tenders have reached the site. Nearly 15-20 people have been injured. Further details awaited,\" Telangana Fire Officials told ANI.

Superintendent of Police of Sangareddy, Paritosh Pankaj told ANI, \"Till now we haven't recovered any bodies, rescue operation is going on, we will update in some time.\"

Sigachi Industries share price:

The shares of the company closed at Rs 48.95 apiece. The sharp fall in the share price came on the back of selling pressure. After the incident was reported, the smallcap stock saw a huge spike in trading volumes. Over 319 lakh shares of the company have been trade so far on exchanges so far, which is over five times its 10-day average trading volume.

(With inputs from agencies)

According to the source: Moneycontrol.