Monsanto Plunges on SmartStax Corn-Yield Concerns
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Monsanto Co., the world’s largest seed company, fell the most in 21 months in New York amid concerns that its new SmartStax corn seeds aren’t performing as well as predicted.
Monsanto, based in St. Louis, tumbled $4.32, or 8.1 percent, to $48.75 at 4:15 p.m. in New York Stock Exchange composite trading, the largest drop since Dec. 11, 2008, and the biggest decline today in the Standard & Poor’s 500 Index. The shares have slumped 40 percent this year.