Fertilizer stocks plummet up to 9% as GST Council refers exemption recommendation to GoM
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Shares of fertilizer companies like Fertilizers & Chemicals Travancore, GNFC, GSFC, and Madras Fertilizers among others fell by 9% as the GST council has referred a recommendation on exempting the fertilizer sector from the current 5% GST to the Group of Ministers on rate rationalisation. Shares of Fertilizers & Chemicals Travancore fell by 9.5% to day’s low of Rs 1,026 while those of GNFC and Gujarat State Fertilizer & Chemicals were down by 5.3% to Rs 678 and Rs 238.35 respectively. Madras Fertilizers share price was down by 6.3% in early trading session today and Rashtriya Chemical Fertilizers fell by 6.7% to Rs 193.60 on BSE. Shares of Deepak Fertilisers & Petrochemicals dipped 5.8% to day’s low of Rs 647.30. National Fertilizers’ shares went down by 8% to Rs 129.55 while other fertilizer stocks like Chambal Fertilisers and Coromandel International were down by 3.2% and 3.7% respectively. The GST council discussed the ...