Shrimp exporting companies fall up to 8% after US hikes anti-dumping duty

Shares of companies engaged in shrimp production business have dipped by up to 8% on the BSE in intra-day trade after the United States, the largest market for Indian seafood, hiked anti-dumping duty on Indian shrimp exports to 2.34% from earlier 0.84%.

Waterbase (down 8% at Rs 271), Avanti Feeds (4.4% at Rs 2,254) and Apex Frozen Foods (3.3% at Rs 631) were down up to 8% on the BSE in intra-day trade in otherwise firm market. On comparison, the S&P BSE Sensex was up 1% at 33,631 points at 12:48 pm.

The Department of Commerce (DoC) has preliminarily determined that certain frozen warmwater shrimp from India is being sold in the United States at less than normal value during the period of review (POR) February 1, 2016 to January 31, 2017, the Business Standard reported. CLICK HERE TO READ FULL REPORT

For the financial year 2016-17, the USA accounted 11% of total revenue for Avanti Feeds.

In past one year all these three stocks (Avanti Feeds up 221%) and Waterbase (214%) had outperformed the market by surging more 200%, while Apex Frozen Feeds zoomed 273% against its issue price of Rs 175 per share. On comparison, the benchmark index up 16% during the period till Friday.