Solar Industries’ Stock Slips Following A Blast At Its Nagpur Facility

The company reported that an explosion took place during the crystallization process of an energetic material

Shares of Solar Industries slipped over 3% on Thursday after the company reported an explosion at its crystallization building in Nagpur, Maharashtra.

According to a press release dated September 4, Solar Industries said that the explosion happened just after midnight during the crystallization process of an energetic material.

Despite safety systems being activated immediately, the shock impact of the explosion led to the loss of one life and injuries to eight others in nearby areas.

The company has informed concerned departments and statutory authorities, and a thorough investigation is underway to determine the causes. The financial impact of the incident is confined to the affected building, the company said.

At the time of writing, Solar Industries’ shares were down 2%.

Year-to-date, the stock has seen strong buying interest, gaining over 43%.

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