Shares of Coromandel International Ltd fell as much as 5.1 per cent to Rs 360.1.
The stock is at its lowest since October 8, 2018. The company, a Murugappa group company, posted a 31 per cent fall in consolidated net profit to Rs 62.43 lakh ($9.04 million). Revenue fell 15.7 per cent.
“We experienced a challenging quarter as the late arrival of the monsoon, deficit rains and consequent lower crop sowing delayed agri-input consumption in our addressable markets,” Managing Director, Sameer Goel, said in a statement.
Up to last close, shares of Coromandel have fallen 15.7 per cent this year, while peer Chambal Fertilisers and Chemicals Ltd is up 6 per cent during the same period.