Monsanto slumps as its popular herbicide Round Up faces class action suit in the US
Shares of Monsanto slumped 5 per cent in Monday's trade after four cancer-stricken Nebraskan patients sued the company over its popular herbicide.
By Chiranjivi Chakraborty, ET Online |
NEW DELHI: Shares of Monsanto, manufacturer of the world’s most popular herbicide Round Up, ended lower by 4.46 per cent in Monday's trade after four cancer-stricken Nebraskan patients sued the company over its popular herbicide.
As per the class action suit, the herbicide is alleged to have been a major reason for the development of cancer in these patients, although it is touted to be safe enough to drink by Monsanto.
Reacting to the development, the scrip fell 5.54 per cent to hit a low of Rs 2,301 on the BSE. The stock had rallied over 40 per cent in the past five sessions on new that German seed-maker Bayer AG is in talks to acquire the company.
A World Health Organisation report last year had termed Glyphosate – a major ingredient used in Round Up – as a potential carcinogen.
As per the class action suit, the herbicide is alleged to have been a major reason for the development of cancer in these patients, although it is touted to be safe enough to drink by Monsanto.
Reacting to the development, the scrip fell 5.54 per cent to hit a low of Rs 2,301 on the BSE. The stock had rallied over 40 per cent in the past five sessions on new that German seed-maker Bayer AG is in talks to acquire the company.
A World Health Organisation report last year had termed Glyphosate – a major ingredient used in Round Up – as a potential carcinogen.
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