Fertilizer companies stocks were trading in lower circuit after FM Nirmala Sitharaman stated that the farmers need to return to “Zero-budget farming” to help multiply farmers’ income
While presenting the Union Budget-2019, the new FM said that ease-of-doing business & ease-of-living should pertain to farmers also.
Zero-Budget Natural Farming, is a methodology of farming where the cost of growing and harvesting plants is zero. It is a set of farming system, which is prevalent to various states in India.
Reacting the announcement, shares of Madras Fertilizers down 11.23%, National Fertilizers down 5.56%, Chambal Fertilizers&Chemicals down 0.49%, Mangalore Chemicals down 4.29%, Rashtriya Chemicals&Fertilizers, down 4.25%, AriesAgro down 5.87%, Gujarat NarmadaValley fertilizers down 3.84%, Nagarjuna Fertilizers down 1.98% during afternoon hours of session on the NSE.
At 3.00pm, the NSE Nifty50 index was down 94pts at 11851-mark, while the BSE Sensex quoted at 39613, down 294pts.