Sigachi Industries Shares Crash 15% Instantly After Telangana Blast; 12 Dead, Over 30 Injured

Sigachi Industries shares today nosedived about 14.7% after a super A powerful explosion at a Sigachi Pharma facility in the Pasamailaram industrial area of Sangareddy district led to the death of at least 12 people and left 34 others injured on Monday, June 30. The explosion was reportedly caused by a reactor blast inside the unit, leading to a massive fire and the partial collapse of the building.

Details of the Incident

According to PTI & ANI reports, the fire that broke out following the blast quickly spread, triggering panic among workers. Many suffered serious burns and trauma. Eleven fire engines were sent to the spot to douse the flames and rescue those trapped under debris. Rescue operations continued for hours, with several workers still feared missing. Local hospitals in Telangana have been put on high alert as many of the injured are in critical condition.

PM and Telangana CM Announce Compensation For Victims

Telangana Chief Minister Revanth Reddy expressed grief over the accident and ordered officials to provide top medical care to the injured.

"The death toll in the Pasha Mileram... ​​industrial plant... A fire accident... is shocking. I have instructed the officials to provide better medical assistance to the injured. The government will support the affected families in every way," he shared on X.
Meanwhile, Prime Minister Narendra Modi announced compensation to the victims.

As per PMO India's tweet, "Anguished by the loss of lives due to a fire tragedy at a factory in Sangareddy, Telangana. Condolences to those who have lost their loved ones. May the injured recover soon. An ex gratia of Rs. 2 lakh from PMNRF would be given to the next of kin of each deceased. The injured would be given Rs. 50,000."

Sigachi Industries Share Price Nosedives on BSE, NSE

As soon as the explosion broke out, Sigachi Industries shares crashed sharply before the stock market closed. The stock fell over 14.7% in intraday trade, hitting a low of Rs. 48.39 on the BSE, as panic gripped. However, the pharma stock slightly recovered and closed at Rs. 48.95, 11.95% lower.

Sigachi is a known manufacturer of pharmaceutical excipients and chemicals and operates under various units, including Sigachi Pharma. The incident has raised concerns about safety protocols in its Telangana chemical facility.