Sugar Shares Plummet as Government Bans Exports
Sugar company shares fell by as much as 7% after an export ban was imposed by the government to stabilize domestic supply and prices. While most sugar stocks declined, Avadh Sugar & Energy bucked the trend, closing slightly higher. The broader market indices saw gains, with Sensex and Nifty rising.
Sugar company shares took a dive on Thursday, experiencing declines of up to 7%. This followed the government's sudden decision to impose an immediate export ban on sugar until September 30. The measure aims to bolster domestic availability and control soaring prices.
Dhampur Sugar Mills saw its shares drop 6.66% to Rs 143.65, while Dwarikesh Sugar Industries' stock plummeted 5.88% to Rs 44. Other significant declines were noted in Dalmia Bharat Sugar and Industries, which fell 5.86%, and Bajaj Hindusthan Sugar, which decreased by 5.22%.
Meanwhile, broader market indicators closed in the green, with the BSE Sensex increasing by 1.06%, or 789.74 points, to 75,398.72. Similarly, the NSE Nifty gained 1.18%, or 277 points, settling at 23,689.60.
(With inputs from agencies.)
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