The shares of Deepak Nitrite Limited, a Gujarat based chemical manufacturing company opened 4.40% below at ₹ 1,955.45 from their previous closing price of ₹ 2,045.80 in response to a massive fire that broke out at its facility at Nandesari Industrial Estate yesterday. As of 12:45 IST, the stock was trading at ₹ 1972.35, down 3.57%.
The eye-witness accounts remarked five major chemical blasts at the manufacturing facility which led to a giant fire. The smoke could be seen from a long distance. Several fire-fighters rushed to put out the fire on the spot but by then a large part of the factory premises was severely damaged due to the fire and blasts.
The company responded to the event in its statement,“ We are monitoring the situation closely. The safety and well-being of all our employees, and that of the communities around, is of foremost priority to us. All our manufacturing facilities are equipped with best-in-class systems and equipment, that ensure environmentally sustainable production. Our teams are already on-ground facilitating every possible support. Our communication channels are open 24×7, and we shall continue to provide updates and partner closely with all the relevant external stakeholders.”
The officials said that seven workers have been hospitalized after inhaling the smoke. For precautionary measures, 700 people living near the factory have been shifted to safer places.
The company operates 6 locations across 3 states of the country. There are concerns over the near-term business activities and production capacity as the dedicated centralised facility for research and development is located at Nandesari, Gujarat itself.
