Mahindra and Mahindra falls on monsoon worries

Written by Reuters | Updated: Jun 20 2014, 21:20pm hrs
Mahindra and Mahindra Ltd fell 2.4 percent on worries that weak monsoon may hit its tractor sales, investors say. Nearly a third of the company's revenues come from tractor sales which are largely dependent on farmers' incomes that can get severely impacted due to any shortfall in rains, analysts say. The monsoon has covered half of India's landmass four days behind the usual schedule, failing to recover from a late start that has slowed sowing of summer crops in a country where half of the farmland still lacks irrigation.