Rallis India shares decline over 4 pc after earnings disappointment

Shares of Rallis India, a subsidiary of Tata Chemicals, on Tuesday tanked over 4 per cent after the company posted a 2 per cent decline in consolidated profit after tax (after exceptional items) during the September 2020 quarter.

Shares of Rallis India, a subsidiary of Tata Chemicals, on Tuesday, tanked over 4 percent after the company posted a 2 percent decline in consolidated profit after tax (after exceptional items) during the September 2020 quarter. The stock tanked 4.22 percent to close at Rs 261.85 on the BSE. During the day, it plunged 5.37 percent to Rs 258.70.

On the NSE, it dropped 3.95 percent to close at Rs 262.60. Rallis India on Monday posted a 2 percent decline in consolidated profit after tax (after exceptional items) to Rs 83 crore during the September 2020 quarter.

The company's profit after tax stood at Rs 85 crore during the corresponding period of 2019-20, Rallis India said in a statement. The firm's consolidated revenue fell 3 percent during July-September 2020 to Rs 725 crore, compared with Rs 749 crore in the year-ago period.

Rallis India Managing Director and CEO Sanjiv Lal said, "Gradual return to normalcy and a good monsoon season has led to a favorable momentum for agricultural activities."