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.
“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.