Phthalic anhydride dips

21 August 1995 00:00  [Source: ACN]

Shares of two Indian chemical companies, Thirumalai Chemicals and IG Petrochemicals, have been hit by the drop in prices of phthalic anyhydride (ACN 21 August p28). The share prices of the companies, both major producers of phthalic anyhydride, have gone down by about 15% within a few days. An analyst told ACN there has been panic selling because of rumours that the companies are being hit hard by the price drop. The Bombay-listed companies have denied this, and attributed the drop in their share prices to 'regular movements' and 'profit taking'.

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