Deepak Nitrite stock slips 5% after fire breaks out at Gujarat facility

 Shares of Deepak Nitrite fell over 5 per cent in early trade today after a massive fire broke out at the company's chemical manufacturing facility in the Nandesari industrial area on the outskirts of Vadodara (Gujarat) on Thursday evening.

The stock has fallen after six days of consecutive gain. It opened with a loss of 4.66 per cent at Rs 1950 on BSE.

Deepak Nitrite stock further fell 5.14 per cent to Rs 1,940 on BSE. The large-cap share trades higher than 5-day moving averages but lower than 20-day, 50-day, 100-day, and 200-day moving averages.

The market cap of the firm fell to Rs 26,998 crore on BSE. Total 0.90 lakh shares of the firm changed hands amounting to a turnover of Rs 17.66 crore on BSE.

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According to media reports, seven workers have been hospitalised after inhaling smoke, and some 700 people living near the factory have been shifted to safer places.

Ten fire tenders were rushed to the spot and rescued those stuck in the facility. No casualty has been reported so far.

"Seven workers who had inhaled the smoke were shifted to a nearby hospital for treatment. As a precaution, nearly 700 people living in the rural areas adjoining the factory have been shifted to safer places," Vadodara Collector RB Barad told news agency PTI.

Deepak Nitrite in communication to bourses said, "Our emergency response team, with the support of local authorities and companies around Deepak Nitrite Limited brought the fire under control within a 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 the damaged warehouse. The cause of the fire is being investigated and the company is committed to extending all assistance to the relevant authorities investigating this matter."