Mentha oil prices tumbled four per cent to hit lower circuit in futures trade today on heavy off-loading by speculators, driven by sluggish demand in the spot market.
Adequate stock positions following increased arrivals from Chandousi in Uttar Pradesh also put pressure on the mentha oil prices.
At the Multi Commodity exchange, mentha oil for delivery in June declined by Rs 37.20, or 4% to hit lower limit at 902.10 per kg, with business turnover of three lots.
Similarly, the oil for delivery in May dropped by Rs 38.20, or 3.75% to Rs 984.90 per kg, with an open interest of two lots.
Analysts said sluggish demand from pharmaceutical units against adequate stocks position, mainly led to the steep decline in mentha oil futures prices.