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Shares of tea producer McLeod Russel India Ltd fell as much as 4.2 per cent to Rs 147.90, their lowest in a week.
For the quarter ended March 31, 2018, McLeod Russel saw its losses widen to Rs 142 crore compared to a net loss of Rs 108 crore in the same period last year. Total income increased by nearly 10 per cent to Rs 530 crore (Rs 482 crore) during the quarter under review.
The company also plans to dispose certain tea estates to rationalise operations. It has set up a committee to identify the tea estates and carry out the process of disposal.
The stock posted its biggest intraday percentage fall since March 22. It had fallen 24.7 per cent this year as of Wednesday's close. Over 300,000 shares changed hands vs 30-day average of 219,885 shares.
(With inputs from Reuters)
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