Indian fertilizer firms fall on growing Middle East tension

March 16 (Reuters) - Indian Fertilizer stocks down between 2.4% - 6.4% amid escalating tensions in the Middle East

Rashtriya Chemicals and Fertilisers RSTC.NS down 6.4%, Fertilisers And Chemicals Travancore FCTL.NS falls 4.9%, National Fertilizers NAFT.NS down 5.5%

Chambal Fertilisers and Chemicals CHMB.NS down 2.9% , Madras Fertilizers MDFT.NS down 4%, Paradeep Phosphates PRAO.NS sheds 2.9%

Citi Research says fertilizer is likely the biggest risk India faces beyond oil due to import dependence. India's urea import dependency is around 25%

"The Middle East is the largest exporter of nitrogen-based fertilizers, accounting for roughly 35% of all seaborne urea trade, with about 85% of these volumes transiting the Strait of Hormuz" - Citi