Orchid Chemicals slips on fire at Chennai unit; down over 6%

NEW DELHI: Orchid Chemicals & Pharmaceuticals Ltd has plunged almost 7% to Rs 170.25 on Monday after a fire broke out at the company’s laboratory situated in Chennai, ET Now reports.

“The company has informed BSE that there was a fire that broke out in a portion of the New Drug Discovery Laboratories located at the company’s research subsidiary Orchid Research Laboratories Ltd, Sholinganallur, Chennai,” Orchid Chemicals & Pharmaceuticals said in a filing to the stock exchange.

However, the fire was brought under control by the Tamil Nadu Fire Services squad assisted by the Orchid safety team. There was damage to office and laboratory equipment, furniture and building interiors. However, there were no injuries to anyone.

At 11:58 a.m., the company’s shares were trading 4% lower at Rs 174.60. For the year the stock has plunged over 40%.