The Thirumalai stock has taken a beating in the last couple of months or so, primarily because of the removal of anti dumping duty on PAN which also hurt the sentiment towards the stock in an already troubled market.
What is interesting to note is that bulk of PAN imported into the country was in any case coming without the anti dumping duty being imposed on it. This is also visible from the prices of PAN over the last 6 months or so. The PAN price (Retail) ex Mumbai as of today is Rs. 87 per kg, which was about the same in March 2018. Of course, it has fluctuated in the interim in a range of Rs. 80 to 90 per kg. The point being that there is negligible impact on pricing, if any at all after the removal of anti dumping duty.
Another interesting observation is that during Q3 of last year when the Co. came out with its best ever quarter, the PAN prices ex Mumbai fluctuated between Rs. 68 to Rs. 80 per kg. The input costs have also gone up in the interim, but the larger point being that perhaps the current share price correction is more news driven that the actual changes on the ground. However, the picture should get clearer when the Co. announces its September qtr. results in a few days.