India Rice Stocks Fall: The second trading day of the week in the Indian stock market, Tuesday, December 9, has been very bad for Indian rice companies. Shares of rice companies have fallen by 10 percent in early trading. The reason behind this fall in rice stocks is the new statement of US President Donald Trump.
In which he has said that a new tariff can be imposed on the import of agri products. This statement had an impact on the shares of rice companies and they started trading in the red.
Condition of major rice companies in share market
Shares of KRBL, LT Foods and GRM rice companies fell up to 10 percent on Tuesday’s trading day. Besides, there was a huge decline in the shares of Kohinoor Foods and the company shares slipped by 10 percent.
At the same time, a decline of 5 percent was recorded in the shares of Chaman Lal Setia Exports Limited. Overall, due to this statement of Trump, the shares of Indian rice companies turned red.
Trump’s statement
President Donald Trump, while talking to reporters at the White House on Monday, said that he can impose new tariffs on agri products. Regarding rice coming from India and fertilizer imported from Canada, he said that these imports are posing a challenge to American farmers.
American farmers are facing problems due to these cheap products. Trump said this after announcing a $12 billion package for American farmers. Giving further information, the President said that American farmers are troubled by the falling prices of rice. They will take care of dumping in America. Imported rice from countries like India, Thailand and Vietnam is affecting the prices of American farmers’ produce.
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