Pokarna tanks 20% after USDOC hikes preliminary CVD for subsidiary

US Department of Commerce (USDOC) has amended preliminary countervailing duty (CVD) for Pokarna Engineered Stone (PESL) from 4.32 per cent to 83.79 per cent.

Shares of Pokarna Limited were locked in lower circuit of 20 per cent at Rs 128 on Monday, extending Friday's fall of 6 per cent, on the BSE after US Department of Commerce (USDOC) amended preliminary countervailing duty (CVD) for Pokarna Engineered Stone (PESL) from 4.32 per cent to 83.79 per cent.

PESL, wholly-owned subsidiary of Pokarna, is India’s largest exporter of natural quartz surface to the US. The major part of Pokarna's revenue comes from the US markets and quartz contributes nearly 68 per cent to the company's overall revenue.

Pokarna, in a regulatory filing, said it