Tragedy at Sigachi: Pharma Plant Explosion Claims Lives
A devastating explosion at Sigachi Industries Ltd's manufacturing facility in Telangana has resulted in the deaths of 12 individuals and injured many. The incident, which caused the company's stock to plunge by over 11%, is suspected to have been triggered by a chemical reaction within the plant.
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An explosion at a Sigachi Industries facility in Telangana has caused significant devastation, leaving 12 people dead and several others injured. The incident, attributed to a suspected chemical reaction, has seriously affected the company's market performance.
On Monday, the pharmaceuticals firm saw its shares dip by 11.58% on the BSE, closing at Rs 48.79, and a similar drop of 11.19% on the NSE to Rs 48.95. The intraday low for the stock was Rs 47, a 14.82% fall.
Telangana Minister Damodara Raja Narasimha confirmed the figures of casualties. Sigachi Industries, known for its API and excipient products, is facing scrutiny as investigations into the explosion continue at their Pashamylaram industrial estate facility.
(With inputs from agencies.)
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