Telangana: 12 killed, dozens injured in blast at Sangareddy pharma plant; PM Modi announces compensation of Rs... to victims' kin

At least 12 people have been killed and many others suffered injuries in an explosion at a pharmaceutical plant in Sangareddy district on Monday, local authorities said. Several workers are also feared trapped at the accident site, which belongs to the Sigachi pharma company, at the Pashamylaram industrial estate. Efforts were underway to rescue those trapped after the incident. "We have recovered six bodies from the accident site, and two died in the hospital,” a fire department official told news agency PTI earlier in the day. The injured people were shifted to hospitals, and their condition was not known immediately, as the rescue operation was still in progress. Nearly a dozen fire tenders were called in to douse the massive fire.

CM Revanth Reddy issues statement
Telangana's Chief Minister A Revanth Reddy expressed anguish over the incident and directed officials to take all steps to save the trapped workers and provide them advanced medical care, according to an official release. Meanwhile, a thorough investigation has been launched to ascertain the exact cause of the incident and to check whether safety protocols were being followed at the facility.

Sigachi Industries' stock tumbles
Sigachi Industries Limited is a Hyderabad-headquartered company dedicated to pioneering advancements in Active Pharmaceutical Ingredients (APIs), Intermediates, Excipients, vitamin-mineral blends, and Operations and Management (O&M) services, according to the company's official website.
A listed company, Sigachi Industries’ shares have plunged after the news of the blast came out. Around 2 pm on Monday, the shares were 13.61% lower compared to the previous day's closing price, at Rs 47.67 apiece on the Bombay Stock Exchange (BSE).

PM Modi announces compensation
The Prime Minister's Office (PMO) announced in a post on X that a compensation of Rs 2 lakh would be provided to the the next of kin of each deceased person, while Rs. 50,000 each would be given to those injured. "Anguished by the loss of lives due to a fire tragedy at a factory in Sangareddy, Telangana. Condolences to those who have lost their loved ones. May the injured recover soon," the PMO's post said.