Gopal Snacks shares tank 10% on Rajkot fire incident; here's why Nuvama Wealth is down 6%

Shares of Gopal Snacks Ltd cracked 10 per cent in Thursday's trade after the company updated stock exchanges about the fire incident at one of unit located in Rajkot, Gujarat. Nuvama Wealth Management shares, on the other hand, fell 6 per cent amid high turnover and likely selling of its shares in block deals.

In the case of Gopal Snacks, the stock fell 9.99 per cent to hit a low of Rs 406.75. "As an update, the company has taken the appropriate measures to manage the incident and there have been no casualties or injuries among its personnel onsite," Gopal Snacks said.

The company informed BSE and NSE that production activities have been scaled up at Modasa and Nagpur facilities to compensate for the current closure of the Rajkot I facility.

"Additionally, the company is engaging with third-party manufacturers to the extent additional local capacity is required. The company’s assets are fully insured, and the insurance provider has been notified of the incident. All critical business systems, including SAP infrastructure, remain operational and secure, ensuring seamless business continuity without any data loss. There has been no loss of data or disruption to our IT systems," it said.

Besides, Gopak Snacks said the company is working diligently to restore operations at the Rajkot I facility at the earliest. The management, it said, is confident that this incident will have no significant long-term impact on the company’s operations or financial performance.

"Gopal Snacks will continue to provide regular updates on the situation and as the operations at the Rajkot I facility normalise. Most importantly, no casualties or injuries were incurred onsite during the incident," it said.

Nuvama Wealth Management shares fell 6.33 per cent to Rs 6,835 apiece on BSE. A total of Rs 3,046.66 crore worth shares got changed on the counter on NSE. As per Moneycontrol, a Rs 2,100 crore worth block deal took place today, with two Edelweiss group entities--Edel Finance Company and Ecap Equities being the likely sellers.

Around 30 lakh shares, making up an 8.4 per cent stake in Nuvama Wealth, changed hands at an average price of Rs 7,025 per share, a near 4 per cent discount from Wednesday's close, the report suggested.