January 8, 2021
Venky's shares dropped 4% after bird flu was reported in four states in India
Venky's, India's biggest poultry producer, saw its shares drop 4%, its lowest level in two months after bird flu outbreaks were detected in four states in India, Reuters reported.
The company's shares dropped for the fourth day in a row, trading at IDR 1,515.95 down 2.85%, after reaching IDR 1495.10.
India's federal government said bird flu was detected in the states of Madhya Pradesh, Rajasthan, Himachal Pradesh and Kerala.
Kerala has begun to cull chickens and ducks to prevent the spread of the virus. Madhya Pradesh has prohibited imports of Kerala poultry products for 10 days.
Soybean futures in India also dropped more than 1% on January 7 following concerns that soymeal demand from the poultry industry will weaken because of the bird flu outbreaks.