Shares of Aether Industries Ltd extended their sharp fall for the second consecutive session in Thursday's trade. The stock began falling after a major fire engulfed Aether's chemical manufacturing facility in Gujarat's Surat city.
The scrip today slipped 6.08 per cent to hit a 52-week low price of Rs 778.55. At this price, it has declined 14.14 per cent in two sessions. On BSE, around 36,000 shares changed hands today at the time of writing this story. The figure was more than twice when compared to the two-week average volume of 17,000 shares. Turnover on the counter stood at Rs 2.85 crore, commanding a market capitalisation (m-cap) of Rs 10,338.26 crore. There were 5,591 buy orders against sell orders of 5,570 shares.
Bodies of seven workers were recovered from the plant's premises in the early hours, officials said. Out of the seven persons found dead at the chemical manufacturing unit, one was an employee of the company while six others were working on contract, news agency PTI reported quoting Surat Collector Ayush Oak. It also mentioned 24 people, who were injured in the incident, are currently receiving treatment in different hospitals.
The fire broke out at the chemical plant at around 2 am on Wednesday following an explosion in a large tank after leakage of inflammable chemicals stored in it, Surat in-charge chief fire officer Basant Pareek told PTI.
Aether, in an exchange filing, said, it is currently assessing the expected cause of damage caused. Prior to this, it informed the bourses that the fire incident was reported in Surat plant at 1:50 am on Wednesday.
The counter was last seen trading lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs).
The stock's 14-day relative strength index (RSI) came at 24.84. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 78.13 against a price-to-book (P/B) value of 5.37.
The scrip has an analyst target price of Rs 1,095, Trendlyne data showed, suggesting a potential upside of 40 per cent in a year.
(With inputs from PTI)
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