Multibagger Stock: The share price rally of Deepak Nitrite put an end today after a steady rise in the last five sessions. One of the biggest multibagger stocks in the chemical space opened with a fall today and went to intraday low 1931.30 per share level, down more than 5 percent from Thursday’s close 2045.80 each on NSE.
According to market experts, this stoppage Deepak Nitrite share price The rally is due to a fire around the godown section of the company’s construction site located at Nandesari in Vadodara district of Gujarat state. The company also informed the Indian stock exchanges about the incident and said that the fire started around 6:00 pm on Thursday. He said the fall in Deepak Nitrite shares can only be attributed to this negative sentiment. However, he added that the plant that has been affected manufactures intermediate chemical products and the company’s core products are manufactured at other company’s plants.
Speaking on the immediate reason for the fall in the shares of Deepak Nitrite, Avinash Gorakshakar, Head of Research, Profitmart Securities said, “The share price of Deepak Nitrite is falling today due to the fire at Vadodara plant. However, the company has come forward and he Said they are assessing the losses and other losses, the market has turned negative on the stock. The exact reality will become clear in the next few days.
However, Saurabh Jain, Vice President – Research, SMC Global Securities, said, “As per the company’s communication, a fire broke out at the company’s warehouse and the Vadodara manufacturers’ chemical intermediaries plant. Hence, it may come as a relief to the company. Major chemical products are manufactured at other plants. However, the company has promised that they will become clear on changes to the company’s fundamentals in a few days and until then we should wait for the company’s statement.
Reporting the fire at its Vadodara plant’s godown, Deepak Nitrite Management said, “Our emergency response team in collaboration with local authorities and companies around Deepak Nitrite Ltd. brought the fire under control within a few hours. There were no casualties and some people are being given first aid.The company has informed all the concerned authorities and the plant operations are expected to resume in a day or two after clearance of the damaged godown.The cause of the fire The investigation is going on and the company is committed to extend all possible assistance to the concerned authorities probing the matter.”
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