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Sunday, September 17, 2023

Meghmani Organics shares fall after fireplace at pigments plant at Panoli

Meghmani Organics Restricted knowledgeable a couple of fireplace incident at its Pigment Plant within the Panoli GIDC space within the Bharuch district of Gujarat on Sunday. The corporate shares took a beating on Monday after the hearth studies.

In a regulatory submitting on Monday, the corporate knowledgeable {that a} fireplace broke out within the Completed Items warehouse of its Pigment Plant at Panoli GIDC in Bharuch district on April 16, 2023, at round 02:55 p.m.

“We additional inform that there have been no casualties or accidents as a result of this incident. The incident has been reported to the involved authorities. The precise trigger of fireside is beneath investigation,” it mentioned within the assertion.

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The corporate additionally acknowledged that the impression of the incident was beneath evaluation and that the Firm has required insurance coverage protection to safeguard the loss/harm, which is beneath evaluation.

There isn’t a impression on manufacturing as the hearth occurred on the Completed Items Warehouse, and there’s no impression on the Manufacturing plant, MOL mentioned within the regulatory submitting on Monday.

Notably, the newest incident is an addition to a sequence of accidents on the firm’s services prior to now few years. In 2019, the corporate reported a hearth incident on March 26, 2019, at its agrochemical manufacturing division at Dahej in Gujarat. Two folks had reportedly died and eight others have been injured within the incident.

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Final yr, MOL had recorded a hearth incident on October 22, 2022 at round 11.55pm on the Completed Items Warehouse of the pigment plant at Dahej. There have been no casualties or accidents reported.

Following the hearth incident, MOL shares tumbled on the inventory exchanges to finish at ₹88.21, down by 3.52 per cent on BSE Monday.

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