Chennai, Jun 24 (IANS): A fire due to a short circuit engulfed around 50 shops in the Banyan street of Tiruppur, the textile capital of South India.

The fire has been doused by early Saturday morning after many shops have been gutted leading to huge losses. However, there was no deaths or injuries in the fire as nearly all shops were shut down for the day.

Many international brands of repute are made at Tiruppur. The annual turnover of the Tiruppur textile industry is around Rs 50,000 crore.

Sources in the industry told IANS that the fire has gutted around 50 shops and losses are estimated to be more than thousands of crore.

A business man in Tiruppur told IANS, "The industry is already reeling under several issues, including lack of orders in Europe due to the Ukraine-Russia war, shortage of raw materials and other issues. This loss will compound the losses of the already struggling industry."

He also said that the exact losses will be assessed soon.