India's rice export ban spurs grocers to restrict sales of Sona Masoori variety and raise prices to nearly $50 for a 20-pound bag after wild panic buying.

Moreover, the company is offering Rs 1,950 per quintal of Sona Masoori, which is Rs 82 more than the minimum support price (MSP) for the crop set by the government (Rs 1,868).

FMCG major ITC Ltd has made a quiet entry into the packaged rice segment, mainly the non-basmati variety. Market sources say the company is piloting with the ‘sona masoori’ variety in Bengaluru.