Monsanto India fell 2.57% to Rs 2,374.20 at 14:20 IST on BSE on reports the company's parent firm has withdrawn application seeking approval for the next generation genetically modified cotton seeds in the country because of regulatory uncertainties.
Meanwhile, the S&P BSE Sensex was down 154.71 points, or 0.51%, to 27,916.38
On BSE, so far 6,925 shares were traded in the counter, compared with an average daily volume of 17,909 shares in the past one quarter. The stock hit a high of Rs 2,454.90 and a low of Rs 2,372.05 so far during the day. The stock had hit 52-week high of Rs 2,772 on 25 August 2015. The stock hit 52-week low of Rs 1,520 on 11 April 2016. The stock had outperformed the market over the past 30 days till 24 August 2016, rising 1.55% compared with Sensex's 0.3% rise. The scrip also outperformed the market in past one quarter, gaining 11.37% as against Sensex's 6.42% rise.
The mid-cap company has equity capital of Rs 17.26 crore. Face value per share is Rs 10.
As per reports, Monsanto India's parent firm Monsanto Company, USA strongly objected to a government proposal that would force the company to share its technology with local seed companies. The company is also at loggerheads with government over how much it can charge for its genetically modified cotton seeds, costing it tens of millions of dollars in lost revenue every year, reports indicated.
Monsanto India's net profit fell 9.86% to Rs 56.60 crore on 9.14% decline in net sales to Rs 236.08 crore in Q1 June 2016 over Q1 June 2015.
Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity. Monsanto Company, USA, currently holds 72.14% stake in Monsanto India (as per the shareholding pattern as on 30 June 2016).
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