PI Industries Stock Falls On Accident At Gujarat Plant

Shares in PI Industries fell after a fatal accident at the Gujarat plant. The shares dropped almost 2 per cent in trade and was trading below the Rs 1,400 mark. The stock of PI Industries has been a consistent performer in the last few years on the back of sustained growth in profitability.

"We have to inform of a factory accident that happened today in one section of a Multi-Product Plants (MPP) at our Jambusar fine chemicals manufacturing site in Gujarat. This accident unfortunately resulted in two fatalities and nine others are injured.

The accident did not result in any fire or hazardous emissions but was limited to one MPP and has not affected operations of the other MPPs at the site In compliance with the company's protocols, investigation has been initiated to determine the root cause (Hazop) of the accident. While the impact of the incident is being ascertained, the damaged equipment are fully covered by way of insurance," the company said in a statement.