On the other hand, though domestic tea production has been increasing well, the increase in consumption is slow. This does not augur well for the industry. This unhealthy demand-supply situation is one of the primary reasons for falling prices in auctions. Tea production in India has grown at ~3% CAGR in last five years whereas consumption has increased at only a CAGR of 2%. We believe McLeod's continued deterioration in earnings in the backdrop of rising production costs along with high debt exposure is structural in nature. Hence, we are dropping coverage on the company....