Shares of Aether Industries plunged more than 8% on Wednesday after the company announced a fire incident at its manufacturing site in Surat, Gujarat. The company said that about 25 people were injured after the fire broke out at the manufacturing unit, but there was no casualty.

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"An incident of fire was reported at the manufacturing site of the company at Plot No. 8203, GIDC Sachin, Surat, today early morning around 01:50 Hrs, " Aether Industries said in a filing to the stock exchanges on Tuesday, November 28.

The stock opened at ₹875 apiece on BSE but soon plunged to a low of ₹ 830.2 per share in morning trade on Wednesday. Shares of Aether Industries were trading at ₹ 838.1 apiece, down 7.57%, on BSE at 11:45 am.

The company said that assessment for the expected cause of damage is ongoing. It informed the bourses that adequate insurance has been availed.

In June, Aether Industries raised Rs 750 crore through qualified institutional placement (QIP). The company issued 80.12 lakh shares to 36 QIBs including Goldman Sachs and SBI Mutual Fund, at a price of Rs 936 apiece.

Surat-based Aether Industries is a major producer of advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

The products are used in the pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas segments of the chemical industry.

Before this, the company inked a licence agreement with Saudi Aramco Tech for converge polyols technology. After signing the pact, Aether Industries began the manufacturing and commercialisation of the Converge polyols technology and product series.

First Published:Nov 29, 2023 12:50 PM IST