Fire incident at Panacea Biotec Ltd's subsidiary

A minor fire incident took place on December 29, 2020 in a technical engineering floor in one of the air handling unit of the soft gelatin manufacturing block in the Pharmaceutical Formulations Facility of Panacea Biotec Ltd's wholly owned subsidiary company Panacea Biotec Pharma Ltd. (PBPL) at Baddi.

The fire incidence was brought under control with the help of the fire control systems installed in the plant and the fire control department of the State Government of Himachal Pradesh. There is no loss or injury to human life or damages of property due to this incidence except damages to some equipments and stocks which got wet due to water used in dousing the fire. PBPL has adequate insurance coverage for such loss and has informed the insurance company about this incident.

While there is no impact on the operations at this plant, however as a precautionary measure, PBPL has stopped the production in the said Soft Gelatin Manufacturing Block which is likely to resume in a weeks' time after the affected area is restored.

Shares of PANACEA BIOTEC LTD. was last trading in BSE at Rs.230.5 as compared to the previous close of Rs. 230.9. The total number of shares traded during the day was 6854 in over 269 trades.

The stock hit an intraday high of Rs. 233.85 and intraday low of 229.4. The net turnover during the day was Rs. 1583261.

Source : Equity Bulls

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