PI Industries shares drop after bromine leak at Gujarat unit

The incidence occurred on August 23, 2023 in one of the storage tanks of Bromine, said PI Industries.

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Shares of PI Industries traded down on August 25 after an incidence of bromine leak at the company’s manufacturing site in Jambusar, Gujarat.

“The incidence occurred on August 23 in one of the storage tanks of bromine,” the company said in an exchange filing after market hours on August 24.

Some checked personnel were found fit and released as a precaution but no lives were lost, the company added.

At 10:44am, shares of the company were trading 1.2 percent lower at Rs 3,640 on the BSE. The scrip has risen 6 percent in the past three months.

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“The leak was contained to ensure safety, and relevant authorities were informed promptly as part of our commitment to safety, sustainability, and governance,” the company said.

PI Industries is engaged in agri inputs, fine chemicals and contract research and manufacturing services (CRAMS), polymers and engineering services. It also launched a range of new products in the category of plant nutrients, further diversifying its product portfolio.

The management has maintained its revenue growth guidance of 18- 20 percent per annuam for the near term and a capex guidance of Rs 850-900 crore for FY24.

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