Stock Report

Sumitomo Chemical India Limited - Accident at Bhavnagar Site

Posted On : 2023-02-25 20:57:01( TIMEZONE : IST )

Sumitomo Chemical India Limited - Accident at Bhavnagar Site

There was an accident at the Bhavnagar Site of Sumitomo Chemical India Limited on Friday, 24th February, 2023 at around 2.29 p.m.

The location was Multi Product Plant producing 2 products, which was not operational at that point of time. However, in one of the vessels in the plant, solvent distillation was being undertaken. The accident was caused by over pressurization of the vessel and it was followed by fire and smoke. Fire was brought under control within approximately 20 minutes by the Company's emergency response team. Subsequently, the local fire brigade team and other authorities visited the site to assess the situation and support the Company's efforts. The Company management is taking all possible response measures and government authorities have been suitably informed and visited the location.

There were no casualties. There were two persons having minor burn / cut injuries and such persons have been checked medically at hospital and discharged after first aid. There are other two persons having burn injuries and doctors initial advise is that these persons are required to undergo medical treatment in hospital and expected to be released in few days. Best possible medical facilities and treatment care are being provided to the injured.

As the specific plant was not operational at the time, based on preliminary assessment by the Company, no material commercial or production loss is expected. The assessment for loss of damage to the plant is being undertaken. The Company has adequate insurance coverage for the assets in the premises of the said plant including loss of profit coverage. The Company will undertake detailed assessment for cause and counter measures will be implemented, as appropriate.

The Company follows highest safety measures as part of its Responsible Care commitments and practices. The company would continue to follow the same with even more rigorous measures.

Shares of Sumitomo Chemical India Limited was last trading in BSE at Rs. 446.05 as compared to the previous close of Rs. 452.05. The total number of shares traded during the day was 34380 in over 1555 trades.

The stock hit an intraday high of Rs. 463.70 and intraday low of 442.50. The net turnover during the day was Rs. 15691215.00.

Source : Equity Bulls


SumitomoChemicalIndia INE258G01013 Accident BhavnagarSite