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Shares of sugar companies fell over 6 per cent as the price of sugar fell to its lowest level in five years.
Sugar prices drifted by Rs 70 per quintal to trade at almost five year low at the wholesale market in the national capital today following ample stocks on persistent supplies from mills amidst weak demand.
Marketmen attributed persistent fall in the sweetner prices to heavy stocks on sustained supplies from mills against weak demand from bulk consumers, such as ice-cream and soft-drink makers.
"Mounting stocks in the market on persistent supplies by mills against low demand, dragged down sugar prices to five-year low", said a wholesale sugar trader.
Shares of sugar manufacturers like Sree Renuka Sugars, Shakti Sugars, EID Parry, Dalmiaa Bharat Sugar, Simbhaoli Sugar Mills, Dwarikesh Sugar and Oudh Sugar Mills fell 4-5 per cent each.
(With PTI inputs)
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