Fertiliser stocks witnessed selling pressure today and ended the day as much as 11.5 per cent lower after retail prices of non-urea fertilisers were slashed by up to Rs 5,000 per tonne following drop in the global prices of raw materials.
Shares of Coromandel International slumped 11.59 per cent, Zuari Global lost 2.88 per cent and Gujarat State Fertilizers & Chemicals (2.38 per cent) on BSE.
Among others, Deepak Fertilisers fell by 2.35 per cent and National Fertilizers lost 1.63 per cent.
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The retail prices of non-urea fertilisers, including DAP, have been slashed by up to Rs 5,000 per tonne following drop in the global prices of raw materials, Union Minister for Chemicals and Fertilisers Ananth Kumar said yesterday.
State-run fertiliser firms Rashtriya Chemicals and Fertilizers (RCF) and National Fertilizers Ltd (NFL) as well as private firm Indian Potash Ltd (IPL) have agreed to reduce the prices of non-urea fertilisers, the minister had said.
The rate cut, which would be effective immediately, would entail a benefit of Rs 4,500 crore to farmers, he said, adding the move would help promote balanced use of fertilisers.
