India's Rama Phosphates plunges 9% after Q4 profit drops

Rama Phosphates

19/05/2023 07:52

** Shares of fertilizer maker Rama Phosphates Ltd  RMPH.NS 
fall as much as 8.9% to 191 rupees
    ** Stock logs steepest intraday pct loss since Nov. 4
    ** Co on Thursday posts ~40% slump in March-qtr profit to
35.6 mln rupees ($435,314.26) as expenses surged 17.3%
    ** Stock trading below its 100-day moving average, while
moving average convergence divergence (MACD) line is under the
signal line, both suggesting bearish momentum  
    ** About 53,100 shares change hands by 12:11 p.m. IST, 2.3x
the 30-day avg - Refinitiv Data
    ** Stock last down 7.1%, extending YTD losses to ~30%

($1 = 81.7800 Indian rupees)

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))