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Rallis India hits 19-month low after block deals

Around 6.68 million shares of Rallis India have changed hands on the BSE through block deals.

SI Reporter  |  Mumbai 

Rallis India hits 19-months low after block deals

Rallis India has dipped nearly 6% to Rs 170, its lowest level since April 22, 2014 on the BSE, after a huge block deals executed on the counter.

Around 6.68 million shares representing 3.4% of total equity of Rallis India have changed hands on the counter through multiple block deals, the BSE data shows.

As of September 30, 2015, Rakesh Jhunjhunwala held 10.34% stake in Tata Group agrochemicals firm, the shareholding pattern data shows.

Amansa Holdings Pvt Ltd, Hasham Investment & Trading Company Pvt Ltd, Franklin Templetion Investments Funds, Mondrian Emerging Small Cap Equity Fund LP, FIL Investments (Mauritius) Ltd and Oppenheimer International Small Company Fund held 1%-4% stake in the company.

Since October 23, the stock has underperformed the market by falling 20% from Rs 213 after reported a 22% decline in its consolidated net profit at Rs 57 crore for the quarter ended September 30, hit by a decline in sales.

Sales were adversely impacted due to poor monsoon in India, while the international market also faced pressure with Brazil (a key market for the company) witnessing a severe drought. In USA, low crop commodity prices along with higher inventory prices impacted consumption.

At 03:19 PM, the stock was down 2.5% at Rs 175 on the BSE.

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First Published: Tue, December 08 2015. 15:24 IST