The CEO of a private firm lost his life, while another official suffered serious injury in a freak accident during the silver jubilee celebrations of the company at Ramoji Film City here, police said on Friday.

During the celebrations on Thursday evening, the company’s CEO Sanjay Shah and his colleague entered into an iron cage, which was to be lowered from a height, when the iron chain supporting it broke on one side, and both of them fell, they said.