Shares of Gujarat Fluorochemicals Ltd slumped 6% on 30 December after the company announced an incident of a leak at its Dahej plant on 28 December that led to four deaths, which involved one employee and three contractual workers.
The incident occurred at the CMS-1 plant in Dahej, Gujarat, and was promptly contained; however, operations have been temporarily halted, the company stated.
In its regulatory filing on 29 December, the company said, “The incident happened on 28 December 2024, around 8 pm, which was immediately detected and contained by the team. However, individuals in the windward direction experienced adverse health effects who were promptly given due primary treatment at our onsite Occupational Health Center (OHC) and were referred to Bharuch Hospital for advanced medical care for advance treatment. Unfortunately, despite all our efforts, the four individuals succumbed to the complications.”
The management announced immediate support for the grieving families, including an ex-gratia payment of Rs 30 lakhs, full settlement of statutory dues, insurance benefits, and pending salaries. Gujarat Fluorochemicals also stated it would provide employment to a dependent of the deceased employee and sponsor their education.
Gujarat Fluorochemicals’ Dahej plant, established in 2007, specializes in producing fluoropolymers, speciality, and bulk chemicals and stands as the largest fluoropolymer facility in India. The company operates five manufacturing units, three in Gujarat and one each in the UAE and Morocco.
GFL is shifting its focus towards higher value-added products across its segments and has initiated a corporate restructuring through demerger to enhance shareholder value. Despite facing demand challenges from Europe in the first half, the management expects significant financial improvements from Q4 FY25 onwards. The company has also planned a capital expenditure of Rs 5,000 crore by FY27.
At 3:18 pm, the shares of Gujarat Fluorochem were trading 6.39% lower at Rs 4,118 on NSE.
Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!
