Marico Ltd.’s shares fell more than 4% on Tuesday as violence began in Bangladesh, a key market for the consumer goods giant that accounts for 11% of its consolidated business.
Marico gets a significant percentage of its revenue from international operations, with Bangladesh alone contributing 44%. Marico Bangladesh Ltd., a wholly-owned subsidiary, recorded sales of Rs 1,103 crore in the previous fiscal year, accounting for 11% of Marico’s overall income, according to its annual report.
Following violent clashes in Dhaka on Monday that left over 100 people dead and sent the country into chaos, Bangladesh’s prime minister, Sheikh Hasina, resigned and fled the country. This caused the crisis to get worse.
Furthermore, according to a Bloomberg consensus, Marico’s first-quarter net profit increased 8.7% year over year to Rs 474 crore, in line with analysts’ projections of Rs 461 crore.
As of 10:50 am, Marico shares were trading 3.82% lower at Rs 646.50 on the NSE.
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