This is with reference to your Notice no. NSE/LIST-SOP/COMB/FINES/0607 dated 29.05.2025 regarding non-compliance of Regulation 17(1), 18(1) and 19(1)/(2) of Listing Regulations for the quarter ended 31.03.2025.The notice was placed before the Board in its Meeting held on 15.07.2025. Board noted that Company had already made a request to NSE and BSE to withdraw the notices and waive off fine explaining therein that Company did not have any control on the appointment of Independent Directors.Board had detailed deliberations and observed that Company should again take up with the DoF for appointment of adequate number of Independent Directors on the Board in compliance of Listing Regulations.

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Price reactionminutes from the announcement price · days from the prior close

+1.6%Reaction day

₹94.16

prior close

₹94.69

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)+0.5%+1.1% vs market

Fertilizers peers, median of 18sector+0.4%+1.2% vs sector

On the reaction day the stock moved 1.1 pts more than Nifty Microcap 250 and 1.2 pts more than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+0.1

10m

+0.4

15m

+0.8

30m

+0.4

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+1.6+0.5+1.1+0.4+1.2

Next day

+3.5+0.2+3.4+1.8+1.7

+1.0-0.9+1.9+0.2+0.8

-1.2-1.2-0.0-1.5+0.3

-1.7-2.0+0.3-1.8+0.1

-0.7-1.9+1.1-2.6+1.9

-1.3-1.2-0.1-3.9+2.6

15d

+0.6-1.5+2.1-0.5+1.1

+4.8+0.0+4.8-0.4+5.2

+0.1-0.5+0.6-7.4+7.6

+1.1+1.3-0.2-7.4+8.5

UpDownMarket · Nifty Microcap 250Sector · Fertilizers peers, median of 18Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

NSE had issued a notice on 29 May 2025 flagging that National Fertilizers had not complied with Listing Regulations 17(1), 18(1) and 19(1)/(2) for the quarter ended 31 March 2025, primarily due to a shortage of Independent Directors on the Board. The Board met on 15 July 2025 and noted that the company had already written to NSE and BSE requesting withdrawal of the notice and waiver of the fine, arguing that as a Government of India undertaking it has no control over the appointment of Independent Directors. The Board decided to again approach the Department of Fertilizers (DoF) to get adequate Independent Directors appointed so the company can comply with the rules going forward.

Likely market impact

The matter involves an ongoing regulatory fine from NSE for non-compliance with board composition norms. There is no immediate financial impact on shareholders, but persistent non-compliance could attract further penalties or action from the exchanges until Independent Directors are appointed by the Government.