Aurobindo Pharma’s stock dropped by over 3% on April 29 following a fire at its Penicillin-G manufacturing facility in Kakinada, Andhra Pradesh. The fire happened in the coal crusher area of the plant and caused some damage to additional equipment, but no injuries were reported.
The company said operations at the plant would be temporarily paused for about 20 to 25 days while they replace the damaged equipment. Despite the incident, Aurobindo Pharma assured investors that the core manufacturing area of the plant was not affected, and the incident should not have a significant impact on the company’s operations or finances.
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The fire was caused by coal self-igniting, and the company is investigating the exact cause. The facility is fully insured, and a detailed assessment of the damage is being conducted.
On April 29, at 10 AM, Aurobindo Pharma’s stock was trading at Rs 1,211, down 3%. The company’s stock has a 52-week low of Rs 1,010 and a high of Rs 1,592, with a market value of Rs 70,400 crore.
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