Aether Industries tanks 10% in two days as fire at Surat plant leaves 6 dead

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26 Aug, 2025 12:21

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Shares of Aether Industries extended losses to November 30, falling 10 percent in two sessions, after a fire at the chemical manufacturer’s Surat facility left six people dead and one missing.

The fire was reported on November 29 morning and the company had told exchanges that 25 people were injured but a Reuters report cited a police statement to say that six people had died and one was missing.

Investors were also concerned about the impact of the fire on the company's manufacturing and revenue prospects.

At 10.03 am, Aether Industries was trading 2.1 percent lower at Rs 811.95 on the National Stock Exchange. The scrip also ended over 8 percent lower in the previous session.

The stock has remained under pressure in recent months, largely on the back of an ongoing demand slump for the entire specialty chemicals sector. Aether Industries has shed over 19 percent in the past three months.

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This is despite the company posting a 39 percent jump in Q2 net profit aided by a 22 percent rise in revenue. Though the entire specialty chemicals sector has been reeling under pressure of sluggish demand in overseas market and lowering chemical prices by China, analysts expect the worst is behind.

“The demand for agrochemical intermediates from Aether’s product portfolio is likely to improve. Agrochemical orders that were manufactured in the first two quarters are being delivered in the second half of the year," brokerage firm JM Financial said in a recent report.

"Aether, which had stocked up on finished goods inventory, will see inventories coming down across the rest of the year. This demand recovery is unlike other players who continue to face headwinds in the agrochemicals sector.”

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