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Aarti Drugs falls 6% as Tarapur unit impacted by explosion

SI Reporter/Mumbai 12 Mar 18 | 12:11 PM

Shares of Aarti Drugs has dipped 6% to Rs 528 on the BSE in otherwise firm market after the pharmaceuticals company said that its unit in Maharashtra Industrial Development Corporation (MIDC) Tarapur has got affected by a massive explosion at the adjoining unit of Novaphene Specialties Private limited.

The aforesaid unit has contributed 16% of total revenue from operations of the Company for the period ended 31st December, 2017.

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“One of the units of Aarti Drugs has been adversely affected due to massive explosion in adjoining Unit E - 107 of Novaphene Specialties Private Limited situated at Maharashtra Industrial Development Corporation (MIDC), Tarapur," Aarti Drugs said in a regulatory filing.

The assessment of damages is under process, it added.

The stock corrected 33% from its 52-week high of Rs 785 touched on January 9, 2018 on the BSE in intra-day trade.

At 12:09 pm; Aarti Drugs was trading 5% lower at Rs 532 as compared to 1% rise in the S&P BSE Sensex. A combined 28,943 equity shares changed hands on the counter on the BSE and NSE so far.

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