Rallis India shares drop over 5% on disappointing March quarter earnings

The scrip of agriculture solutions firm Rallis India dropped over 5 per cent Friday after the company reported a 93 per cent fall in consolidated net profit for the fourth quarter of 2018-19. Shares of the company fell 4.04 per cent to close at Rs 150.85 on the BSE. During the day, it tumbled 5.15 per cent to Rs 149.10.

At the NSE, shares drifted lower by 5.13 per cent to close at Rs 149.70. Rallis India on Thursday reported a 93 per cent fall in consolidated net profit at Rs 1.35 crore for January-March 2019 due to poor sales.

The firm had posted a net profit of Rs 19.58 crore in the corresponding period a year ago, it said in a BSE filing. Total income declined to Rs 350.64 crore during the quarter ended March from Rs 372.66 crore in the year-ago period.