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Basmati rice drops 10% as sales hit on delayed pay

Price of basmati rice has fallen 10 per cent in the past month, as delayed payment has hit sales to Iran and concerns over pesticide residue have hurt exports to Europe, exporters said.

Iran buys a quarter of India’s annual basmati exports of 4-4.5 million tonnes, while Europe takes 8 per cent. Vijay Setia, the president of the All India Rice Exporters Association, said payments for 1,25,000 tonnes of rice worth Rs 1,200 crore were delayed.

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