Shares of Aether Industries plummeted 8% on 29 November after the company announced that a fire broke out at its manufacturing unit in Surat, Gujarat.

In its regulatory filing, the company said that around 25 people were injured as a fire broke out at its manufacturing unit in Surat, but there were no casualties.

The company said, “An incident of fire was reported at the manufacturing site of the company at Plot No. 8203, GIDC Sachin, Surat, today early morning around 01:50 Hrs.”

As the news hit the exchanges, the shares of the company plunged to Rs 827 apiece and reached a level closer to its 52-week low.

The assessment of the damage caused due to the fire and the expected cause for the same is ongoing.

In June, the company raised Rs 750 crore through QIP (qualified institutional placement). The company had issued 80.12 lakh shares at an average price of Rs 936 per share to 36 QIBs that included SBI Mutual Fund and Goldman Sachs.

The company is based in Surat, Gujarat and is a major producer of advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

At 3:30 pm, the shares of Aether closed 8.67% lower at Rs 827 on NSE.