Chembond Chemicals suffers fire accident at Tarapur, Maharashtra; Stock sheds 3.5%

22 Apr 2022 , 09:22 AM

A fire broke out at Chembond Chemicals Ltd’s Tarapur, Maharashtra plant on April 21, 2022 at around 9.30 a.m. IST which was brought under control with the help of the Fire department, said  company in a filing on Thursday. The cause of the fire will be assessed in due course. This incident resulted in 1 fatality.

In addition to this, the fire has resulted in damage to raw materials and finished goods stored in the plant, the machinery and building, thereby disrupting the operations of the plant.

In a  filing the company said, “Production operation at the said plant is suspended temporarily until the survey by the Insurance company. We would like to clarify that the Company has adequate insurance coverage and has given the required intimation to the Insurance company. Insurance survey is expected to be conducted in due course.”

It further added, “The Company is in the process of ascertaining the actual loss caused due to the fire. We are undertaking adequate measures to ensure refunctioning of the plant at the earliest subject to obtaining of necessary approvals from statutory authorities.”

At around 9:22 AM, Chembond Chemicals was trading at Rs189 apiece down by Rs6.85 or 3.5% from its previous closing of Rs195.85 apiece on the BSE.