A massive fire broke out at Syngene facility near Bengaluru last evening. But it was a matter of relief that no casualties were reported as the incident took place after office hours. But, company's MD, Kiran Mazumdar Shaw said that the damage in terms of value will run into several crores.
The fire had cost Syngene share price 6.58 per cent as the stock declined and traded in red after the incident was reported.
Shaw said the fire broke out in the upper floors of the company's building and it was provoked by the cyclonic winds, making the fire worse. Bengaluru is one of cyclone-affected areas. There was a holdup in stabilizing the situation and the fire went out of control resulting in stripped out labs. Company's focus now is on business continuity and it anticipates minimal business disturbance. Syngene has a lot of cushion lab capacity which it will immediately move into. Shaw said that they want minimal business disruption, said Shaw and that there will be no impact on profit and loss (P&L) as the losses have been insured.
At 11:11 AM, Syngene share price was quoting at Rs. 597.75, low by 5.75 per cent. So far, approximately three lakh shares were traded at the NSE trading counter as compared to its twenty day average of approximately two lakh. The stock had opened at Rs. 612 as against its previous close of Rs. 634.35. Thus far, it had traded at the intraday high of Rs. 624.90 and the low of Rs. 592.50. The face value Rs. 10 shares have the book value of Rs. 52.68. As on 13th December 2016, Syngene’s market cap stood at Rs. 12685 crores.
Syngene is the Multibagger Stocks recommendation by Dynamic Levels for the month. For the details on Syngene, kindly drop by at Syngene share price history page of Dynamic Levels website.
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