Fertiliser stocks came under massive selling pressure today, falling as much as 14 per cent, after retail prices of non-urea fertilisers were slashed by up to Rs 5,000 per tonne following drop in global prices of raw materials.
Shares of Coromandel International slumped 14.31 per cent, National Fertilizers dipped 3.54 per cent and Zuari Global fell 3 per cent on BSE.
The retail prices of non-urea fertilisers, including DAP, have been slashed by up to Rs 5,000/tonne following drop in 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 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.