Rallis India weakens after Q3 net dips 17%

Net profit for the third quarter declined 17% to Rs 25 crore compared with Rs 30 crore in the same quarter last fiscal

Shares of Rallis India were down nearly 4% at Rs 220 after the company announced 17% decline in consolidated net profit at Rs 25 crore for the quarter ended December 2014.

The company had reported net profit of Rs 30 crore in the corresponding quarter last fiscal.

"The quarter saw reduced farmer sentiments due to impacted kharif yields and lower prices of key crops. Deficiency in NE monsoon also reduced the crop acreages in AP, Maharashtra and Gujarat," the company said in a release quoting managing director and CEO, V Shankar.

Revenues for the quarter were also lower at Rs 385 crore compared with Rs 396 crore in the same quarter last fiscal.

The stock opened at Rs 218 and touched a low of Rs 213. At 10:15AM, over 400,000 shares were traded on both the stock exchanges.