Order book and execution are quite far from each other. Execution can get delayed due to the clients postponing, especially if many orders were from companies planning to use Sugar to manufacture Ethanol.
Look at MTAR’s order book and guidance, it dropped significantly this quarter due to orders getting pushed to next FY due to US recession. I expect similar for Praj Industries.
Also, promoters had started selling actively before the official announcement. Smart people would have seen this announcement coming, due to election as well as lower sugar productiion.
Disclosure: Invested small quantity.
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