Sigachi Industries Shares Tumble 8%, Third Day Fall

New Delhi, Jul 2 (PTI) Shares of pharmaceutical firm Sigachi Industries Ltd tanked nearly 8 per cent on Wednesday, falling for the third trading session in a row, after a recent explosion and fire incident at its Telangana plant killed several people.

The stock dropped 7.34 per cent to settle at Rs 42.69 apiece on the BSE. During the day, it tumbled 10.98 per cent to Rs 41.01.

On the NSE, it tanked 7.57 per cent to Rs 42.56 a share.

In three days, the stock has lost 22.63 per cent on the BSE.

Sigachi Industries Ltd on Wednesday said it has lost 40 of its team members in the recent explosion and fire at its Pashamylaram plant in Sangareddy district. The company also announced an ex gratia payment of Rs 1 crore each to the families of the deceased.

"It is with anguish that we share details of the accident at the Sigachi Industries facility in Pashamylaram, Telangana, which resulted in the loss of 40 valued team members and left over 33 injured," the company said in a statement.

Sigachi Industries is a pharmaceutical company engaged in Active Pharmaceutical Ingredients (APIs), Intermediates, Excipients, vitamin-mineral blends, and Operations and Management (O&M) services, according to the company's website.