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Last Updated : May 19, 2020 02:03 PM IST | Source: Moneycontrol.com

Fertilizer stocks under pressure on govt's draft order to ban select insecticides

If the ban comes into effect, it may effect companies such as UPL, Rallis India, Atul and Coromandel International, which manufacture some of the products listed in the notification.

 
 
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UPL share price tanked 6 percent intraday on May 19 after the Centre issued a draft order banning sale, use and import of 27 insecticides. The insecticides have been listed for the potential ban, the Ministry of Agricultural and Farmers Welfare said in the draft order dated May 14.

"No person shall import, manufacture, sale, transport, distribute and use insecticides as specified in the Schedule to this Order from the date of publication of this Order," the notifications said.

If the ban comes into effect, it may affect companies such as UPL, Rallis India, Atul and Coromandel International, which manufacture some of the products listed in the notification.

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UPL has already been down over 47 percent in the last 1 year and was quoting at Rs 353.00, down Rs 22.65, or 6.03 percent at 13:30 hours.

The stock witnessed spurt in volume by more than 1.01 times and was trading with volumes of 425,547 shares, compared to its five day average of 604,812 shares, a decrease of -29.64 percent.

Coromandel International was quoting at Rs 601.05, down Rs 19.20, or 3.10 percent while Rallis India was quoting at Rs 200.65, down Rs 6.45, or 3.11 percent.

Atul was quoting at Rs 4,249.60, down Rs 266.10, or 5.89 percent. t has touched an intraday high of Rs 4,530.00 and an intraday low of Rs 4,183.45. It also witnessed spurt in volume by more than 64.59 times and was trading with volumes of 53,482 shares, compared to its five day average of 748 shares, an increase of 7,050.00 percent.
First Published on May 19, 2020 02:03 pm
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