Fertiliser stocks tumbled after the opening bell on Monday, May 11 following Prime Minister Narendra Modi's appeal to farmers to reduce chemical fertiliser usage by 50% in light of the ongoing crisis in the Middle East.
PM Modi suggested farmers to also move towards natural farming practices, help protect soil health and reduce import dependence and encouraged wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture.
So far, Deepak Fertilisers lagged the most, trading 3.06% lower at Rs 1,300 apiece, followed by Rashtriya Chemicals & Fertilizers (RCF), which dropped 2.61% to Rs 127 and Fertilisers and Chemicals Travancore (FACT) fell 2.19% at Rs 886 per share.
The recent dip comes after PM Modi appealed citizens to help conserve foreign exchange reserves, save fuel and avoid unnecessary foreign travel, overseas vacations and foreign weddings. Additionally, he urged citizens to reduce petrol and diesel consumption by using metros and public transport wherever available, and opting for car-pooling when private vehicles are necessary.
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