Antony Waste Shares Slip After Fatal Pune Facility Incident

Shares of Antony Waste Handling Cell Limited fell to a day’s low of Rs 446.20 on the NSE on Monday, 13 July, down around 4% from the previous close.

The drop came after the company confirmed that nine employees died in a building collapse at its waste-to-energy facility in Pune.

The incident took place at the company’s Pimpri Chinchwad plant. Heavy and continuous rain destabilised a landfill mound located just outside the site. The mound collapsed onto the plant’s administrative building, where 23 employees were present at the time.

Fourteen employees were rescued and are currently receiving medical treatment and counselling. Rescue operations were carried out by the National Disaster Response Force, the Indian Army, the Fire Brigade and local authorities.

Antony Waste Handling Cell first informed stock exchanges about the incident on Thursday, 9 July. In its latest update on Monday, the company said plant operations have been temporarily suspended for a structural and safety assessment. ‘Municipal waste collection and transportation services remain unaffected,’ the company said in its exchange filing.

The firm said it will bear all hospital, medical and counselling costs for injured staff, along with funeral expenses. Each bereaved family will get financial assistance of Rs 25 lakh, made up of company support and payouts under statutory and group insurance schemes.

Antony Waste also plans to offer a job to an immediate family member of each deceased employee and cover the education costs of their minor children. A dedicated point of contact has been assigned to each affected family.

By 10:27 am, the stock had recovered some ground and was trading at Rs 460.85, down 0.86% on the day. The stock has a 52 week high of Rs 681.80 and a 52 week low of Rs 372.50. It’s down close to 31% over the past year.

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