India's Fairchem Organics hits over 1-1/2-year low after Q3 profit drop

Fairchem Organics

07/02/2023 04:41

** Shares of chemical maker Fairchem Organics Ltd  FAIH.NS 
fall as much as 15.6% to 940 rupees, lowest since June 7, 2021
    ** Stock marks sharpest intraday pct loss since Nov. 9,
2022, on track for a fourth consecutive drop
    ** Co reported 95.5% y/y drop in Q3 profit after tax on
Monday and 35.4% fall in revenue
    ** FAIH's relative strength index below 30, indicating it is
oversold
    ** Share price below 50-day, 100-day and 200-day exponential
moving averages, suggesting bearish trend
    ** Trading volume hits two-month high, with more than 56,000
shares changing hands by 9:48 a.m. IST - 4.4x 30-day avg of
12,744 shares
    ** Stock fell ~20.6% in 2022
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))