Gujarat Fluorochemicals Limited (GFL) closed 4% lower on Friday after a chemical explosion at its factory in Panchamahal killed five workers and injured more than 15 on Thursday.
This comes after the stock ended 9% lower yesterday. In two days the stock has lost around 13%. The company informed the market regulator about the fire at their factory.
Panchmahals District Collector Sujal Mayatra on Thursday confirmed that, “Three workers were killed in the incident and there is no other casualty. The fire was doused after several hours and we have cleared the factory building.”
He said two out of 15 workers who were burnt sustained 50% and 70% burns. The worker with 70% burns had also fractured his leg and was referred to SSG Hospital in Vadodara.
Important to note here is that this happens to be Gujarat fluoro’s single largest refrigerant plant in India. According to Edelweiss Broking Ltd Neogen Chemicals Ltd. and Gujarat Fluorochemicals Ltd. have prepared Capex plans to foray into electric vehicles.
The stock opened at Rs. 2201 and ended 4.14% down at Rs. 2102.