Sigachi Industries shares decline 8% after CEO remanded in Hyderabad unit fire probe

Shares of Sigachi Industries declined 7.6% in early trade on Monday to their day’s low of Rs 31.38 on the BSE, following a regulatory disclosure regarding the company’s top leadership. The company informed the stock exchanges that its Managing Director and CEO, Amit Raj Sinha, was remanded in connection with an ongoing investigation related to a fire incident that took place at its Hyderabad unit in Pashamylaram on June 30, 2025.

However, the stock recovered and was trading only 2.5% lower around 9:40 am.

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform the Stock Exchanges that Mr. Amit Raj Sinha, Managing Director & CEO of the Company, was remanded on 27 Dec 2025, in connection with the ongoing investigation relating to the fire incident at the Company’s Hyderabad Unit located at Pashamylaram, which occurred on 30 June 2025,” the company reported via a filing to the stock exchanges.


While the investigation is underway, the company has assured that it has taken all necessary measures to ensure the continuity of business operations and day-to-day activities.

In the interim, Deputy Group CEO Lijo Stephen Chacko has been designated to oversee operations, as the company navigates through the leadership development and ongoing probe.

The incident, which took place earlier in the month of June, had triggered a criminal investigation following allegations of gross negligence by the company.

The Telangana-based company had informed later that 40 of its team members were killed and 33 were injured in the explosion and fire at its Pashamylaram plant. The company had also announced an ex gratia payment of Rs 1 crore each to the families of the deceased.

On Friday, the shares of Sigachi Industries closed marginally in the red at Rs 33.96 on the BSE.

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