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    HomeBusinessDeepak Nitrite shares under selling pressure after fire incident

    Deepak Nitrite shares under selling pressure after fire incident

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    Companies

    Company says cause of fire being investigated; plant will resume operations in 1-2 days

    The shares of chemicals major Deepak Nitrite Limited lost up to 5 per cent during trading on Friday after the company reported a fire at its facility in Nandesari, Gujarat, on Thursday.

    Deepak Nitrite shares traded with heavy volumes of over 2.6 million on the NSE. The preceding seven-day average volume was 0.45 million shares. On Friday, the shares opened at ₹1,969.85 on NSE, down by about five per cent from the previous close of ₹2,045.80. The shares remained under selling pressure during the session.

    Late on Thursday, the company reported “an incidence of fire” near the warehouse section of its manufacturing site in Nandesari, Vadodara. The massive fire had broken out at around 6 PM on Thursday.

    “Our emergency response team, with the support of local authorities and companies around Deepak Nitrite Limited, brought the fire under control within couple of hours. There has been no casualty and few people are being given first-aid treatment. The company has kept all concerned authorities informed and the plant operations are expected to resume in a day or two upon clearance of damaged warehouse. The cause of fire is being investigated and the company is committed to extend all assistance to the relevant authorities investigating into this matter,” the company said in a regulatory filing.

    It further stated that loss of both assets and business is covered under insurance. Vadodara district administration officials said 5-6 people had received minor injuries and were being treated at private hospitals in Vadodara.

    Deepak Nitrite is a supplier of basic chemicals, fine and speciality chemicals, performance products and phenol. It has facilities in Nandesari and Dahej in Gujarat, Roha and Taloja in Mahrashtra, and Hyderabad, other than an R&D facility in Vadodara. The Nandesari plant is the company’s first and flagship manufacturing facility with dedicated streams for bulk and commodities, and fine and speciality chemicals.

    Published on June 03, 2022

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