Poultry producer, Venky’s shares take a dip of two month low amid bird flu outbreak

Shares of India’s biggest poultry producer Venky’s dropped more than 4% on Thursday to the lowest level in two months as the result of the outbreak of avian influenza which has been reported in four states so far.

Venky’s shares fell for the fourth straight day and were trading at Rs 1,515.95, down 2.85%, after hitting a low of Rs 1495.10 earlier in the day.

Avian influenza, also known as bird flu, was reported in the states of Madhya Pradesh, Rajasthan, Himachal Pradesh and Kerala, the federal government said in a statement.

Kerala has started culling chickens and ducks to contain the virus, while Madhya Pradesh has banned imports of poultry products from Kerala for 10 days.

Indian soybean futures fell more than 1% on fears demand for soy meal from the poultry industry could falter due to the bird flu outbreak.

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