Shares of Rallis India fell more than 2% on April 26 after the company reported poor results for the March quarter ending fiscal 2023.

Rallis India, a subsidiary of Tata Chemicals, reported a loss of Rs 69.13 crore in the quarter ended March 31. The company posted a loss of Rs 14.13 crore for the same period in 2022.

Shares of Rallis India were trading around Rs 194.55 per share at 11:05 am, down 2.4% from the previous close on the BSE.

For the full financial year 2022-23, the company posted a 45.68% drop in net profit at Rs 91.94 crore against Rs 164.27 crore in FY22.

EBITDA was negative at Rs 60.72 crore in March 2023, dropping 1405.81% from Rs 4.65 crore in March 2022.

Poor results for the March quarter and full year dented investor sentiment, dragging down the company’s stock price.

According to its official website, Rallis India provides crop care solutions, including crop protection and nutritional formulations. It also manufactures and sells agricultural inputs, including insecticides, fungicides, insecticides, seeds and plant growth nutrients. The product portfolio under each category covers a wide range of crop-related requirements.

Shares of Rallis India have fallen more than 7% over the past three years while posting a negative return of almost 20% over the past year. The stock has fallen nearly 9% over the past three months.