Shares of four fertiliser makers fell by 1.14% to 1.40% after Union Chemicals & Fertilisers Minister Mansukh Mandaviya reportedly said that the government will not allow fertiliser firms to raise prices of crop nutrients during the winter season.
Chambal Fertilisers & Chemicals (down 1.40%), Rashtriya Chemicals & Fertilizers (down 0.39%), Coromandel International (down 0.99%) and National Fertilizers (down 1.14%), declined.
As per media reports, Mandaviya on Tuesday said there is no shortage of crop nutrients in the country and asserted that there will be no hike in the prices of non-urea products.
The minister also said that Nutrient Based Policy (NBS) for Phosphatic and Potassic (P&K) fertilisers for the Rabi season (October 2022 to March 2023) will be announced shortly.
"We will not allow any increase in retail prices of DAP (Di-ammonium Phosphate) and other non-urea fertilisers," Mandaviya reportedly said, adding that the government would reportedly absorb the burden of high global prices.
Earlier, the minister had reportedly projected that the government's fertiliser subsidy would be between Rs 2.25-2.5 lakh crore this fiscal as against Rs 1.62 lakh crore in the last financial year.
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