Aether Industries Shares Tumble Up To 8.67% Amid Major Fire In Surat

Surat : Surat-based Aether Industries Limited witnessed a staggering 8.67% plunge in its share prices, tumbling to Rs 827, following a catastrophic fire that inflicted serious burns on more than 24 workers at its sprawling factory in Sachin GIDC, Surat.

Ashwin Desai, the Chairman and Managing Director (CMD) of Aether Industries, recently earned a spot on the esteemed Forbes India Billionaire List for 2023, securing a place among 168 Indian business magnates in the global roster of 2,259 billionaires.

Aether Industries closed at Rs. 905 before plummeting to Rs. 827 on the National Stock Exchange (NSE) in the wake of the tragic incident.

The devastating fire broke out in the early hours, engulfing Aether Industries Limited, a company specializing in chemical manufacturing. The root cause of the inferno traced back to a leak in a chemical storage tank within the factory premises, resulting in severe burns for 24 workers. Distressingly, four to five individuals remain in critical condition among the injured workers, grappling with burns ranging from 60% to 70%.

Reports indicate that approximately five to six workers in close proximity to the chemical storage tank area are unaccounted for since the incident.

Allegedly triggered by a massive explosion within the chemical storage tank, the area bore the brunt of the blast, potentially causing severe injuries to the employees present. However, the Surat police are yet to confirm any fatalities arising from the fire.

The Surat Municipal Corporation’s Fire and Emergency Department received the distress call from Aether Industries around 2 am on Wednesday, prompting an immediate response. Basant Pareek, Chief Fire Officer (CFO) of SMC, pinpointed the fire’s origin in the chemical storage tank. Despite the swift intervention, it took nearly five hours for the fire brigade to bring the flames under control, with subsequent cooling operations continuing until 8 am.

The injured workers are currently undergoing treatment at various private and government hospitals, battling severe burn injuries incurred during the tragic incident at Aether Industries Limited.