Meghmani Organics Limited informed about a fire incident at its Pigment Plant in the Panoli GIDC area in the Bharuch district of Gujarat on Sunday. The company shares took a beating on Monday after the fire reports.

In a regulatory filing on Monday, the company informed that a fire broke out in the Finished Goods warehouse of its Pigment Plant at Panoli GIDC in Bharuch district on April 16, 2023, at around 02:55 p.m.

“We further inform that there were no casualties or injuries due to this incident. The incident has been reported to the concerned authorities. The exact cause of fire is under investigation,” it said in the statement.

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The company also stated that the impact of the incident was under assessment and that the Company has required insurance coverage to safeguard the loss/damage, which is under assessment.

There is no impact on production as the fire occurred at the Finished Goods Warehouse, and there is no impact on the Production plant, MOL said in the regulatory filing on Monday.

Notably, the latest incident is an addition to a series of accidents at the company’s facilities in the past few years. In 2019, the company reported a fire incident on March 26, 2019, at its agrochemical manufacturing division at Dahej in Gujarat. Two people had reportedly died and eight others were injured in the incident.

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Last year, MOL had recorded a fire incident on October 22, 2022 at around 11.55pm at the Finished Goods Warehouse of the pigment plant at Dahej. There were no casualties or injuries reported.

Following the fire incident, MOL shares tumbled on the stock exchanges to end at ₹88.21, down by 3.52 per cent on BSE Monday.