Agrochemical maker UPL Ltd said on Tuesday a fire that broke out at a plant in the western state of Gujarat had killed two and injured 26.
Five workers were still missing. The fire may have been caused due to an electric short circuit, UPL said after market hours.
The fire happened at approximately 0135 local time on Tuesday, followed by an explosion at the plant which had been shut since February 5 for a planned annual boiler inspection.
"Since the plant was shut, there was no chemical reaction in progress at this plant. There were no chemical or gas leaks because of the fire/explosion either during or after this incident," UPL said, adding it did not rule out possible foul play.
UPL said it has appointed an internal team to investigate the cause of the fire.
Shares of NSE Nifty 50-listed UPL, which had dropped 4.8 per cent in early trade on Tuesday following an initial update on the fire from the company, closed nearly 5% higher.