PI Inds accident spooks

Yesterday evening, after market hours, PI Industries announced that there had been a fatal accident at its factory.

This was in one of its section of a Multi-Product Plant (MPPs) at its Jambusar fine chemicals manufacturing site in Gujarat. This accident resulted in two fatalities and nine others are injured. The accident did not result in any fire or hazardous emissions but was limited to one section.

The company said that it has not affected operations of the other MPPs at the site In compliance with the company's protocols.

An investigation has been initiated to determine the root cause of the accident. The company stated that while the impact of the incident is being ascertained, the damaged equipment are fully covered by way of insurance.

Irrespective of insurance, the market does not take too kindly to any news of such accidents. The stock opened 2.5% lower at Rs.1385 and went on to slip to an intraday low at Rs.1373.45. It has recovered from that low point and is now quoted 1.5% lower at Rs.1397.