Monsanto hits 5% upper circuit as regulator revalidates GM crops

MUMBAI: Shares of Monsanto India were locked at 5 per cent upper circuit in a special trading session today, after the government's top regulator, Genetic Engineering Appraisal Committee (GEAC), on Friday revalidated 10 varieties of genetic modified (GM) crops including wheat, rice, maize and cotton and allowed multi-national seed companies to go for "confined field trials" of these varieties.

Vishwa Mohan of TNN reported that companies like Monsanto, Mahyco and BASFBSE 0.73 % whose applications got revalidation will, however, be able to go for field trials only after getting the state's mandatory nod.

Revalidation of these varieties was required as their "validity period" lapsed due to state government's stand of not allowing them to go for field trial. The GEAC had given its clearance in those 10 cases way back in 2011 and 2012.

The stock closed at Rs 1,484.30, up 5 per cent, on the BSE on volume of 11,843 shares.