Sigachi shares fall 5.5% after CEO remanded in connection with Hyderabad unit fire

Sigachi shares fall 4% after CEO remanded in connection with Hyderabad unit fire

Sigachi Industries shares fell 5.5% on December 29 days after its Managing Director & Chief Executive Officer Amit Raj Sinha was remanded in connection with the ongoing investigation relating to the fire incident at the company's Hyderabad unit on June 30.

In a notice to the stock exchanges, Sigachi Industries said it has taken all necessary measures to ensure the continuity of its operations and day-to-day activities. Since Sinha has been remanded, Lijo Stephen Chacko, deputy group chief executive officer, will oversee the company's operations.

At 11:25 am on December 29, Sigachi shares were trading 5.5% lower at Rs 32.07 apiece.

As many as 46 people were killed and several others were injured in a blast and fire accident in Sigachi's manufacturing plant in Sanga Reddy district on June 30.

Sinha, who was named as accused no 2 in the case booked over the accident, was arrested on Saturday, a senior police official told PTI.

A case was registered against six persons, all from the pharmaceutical company, he said.

Eight people were missing following the explosion.

Local media reports said the arrest was made as the announced compensation of Rs 1 crore each to the families of the deceased is yet to be given.

Sigachi Industries is a pharmaceutical company engaged in Active Pharmaceutical Ingredients (APIs), Intermediates, Excipients, vitamin-mineral blends, and Operations and Management (O&M) services, according to the company’s website.

Sigachi shares fell 42% since June 30 and so far in 2025, they have been down nearly 36%.