Coromandel Intl falls 10% on profit-taking post gaining 17% in 1 month

Analyst believe the company should benefit from debottlenecking of the phosphoric acid plant as well as from an increased share of newly-launched, high margin, crop-protection products in FY23.

Shares of Coromandel International dipped 10 per cent to Rs 875.95 on the BSE in Wednesday’s trade on profit booking after the  board approved voluntary liquidation of its wholly-owned subsidiary Sabero Europe B.V.

The board on May 25, 2022, approved voluntary liquidation of Sabero Europe B.V., a wholly-owned subsidiary of the company in the Netherlands, as per the applicable laws of the Netherlands. The said subsidiary is not a material subsidiary of the company, Coromandel said in an exchange filing.

Sabero Europe B.V., which is the wholly-owned subsidiary of the company in the Netherlands, has not been carrying