Govt exempts customs duty on soybean, sunflower oil; AWL, Ruchi Soya dip 5%

The government on Tuesday exempted customs duty and the agri cess on importing 2 million tonnes of soybean and sunflower oil per year

Shares of Adani Wilmar (AWL) and Ruchi Soya Industries shed 5 per cent on the BSE in Wednesday's trade as investors booked profit in the counters after the government on Tuesday exempted customs duty and agri cess on importing 2 million tonnes of soybean and sunflower oil per year.

The duty-free import of 20 lakh MT per year will be applicable for two FYs (2022-23, 2023-24) for crude soyabean oil and crude sunflower oil, the Finance Ministry said in a notification.

The effective duty on crude palm oil, crude soybean, and sunflower till now was 5.50 per cent, which