Deepak Nitrite slumps after fire breaks out at Nandesari plant

Deepak Nitrite tumbled 3.47% to Rs 1974.20 after the company informed about a fire incident that occurred yesterday (2 June 2022), around warehouse section of its manufacturing site located at Nandesari, District Vadodara, in the State of Gujarat.

The company said that an emergency response team, with the support of local authorities, 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.

Both, loss of assets as well as loss of business are covered under insurance, the company said.

According to the media reports, seven workers have been hospitalized after inhaling smoke, while some 700 people living in the vicinity of the factory have been shifted to safer places. While several firefighters were rushed to the spot, the initial eye-witness accounts reveal damages to a large part of the factory premises due to the fire and blasts, reports added.

Deepak Nitrite manufactures intermediates and speciality chemicals besides performance products and phenol. The company has facilities in Nandesari and Dahej in Gujarat, Roha and Taloja in Mahrashtra and Hyderabad.

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