Shares of Agria Corp. (NYSE:GRO) are getting pummeled in pre-market trading after the Chinese agricultural company said it clocked a fourth-quarter loss from the year-ago period and posted disappointing first-quarter results.

The small cap said first-quarter revenues declined quarter-over-quarter due to a 77% drop in revenue in its sheep breeding segment. Agria also recorded a loss in the first quarter, compared with net income in the first quarter of 2007.

The company also warned that it expects second-quarter revenues to decline from the year-ago quarter.

Shares slumped 23%, or $1.53, to $5.10 in pre-market trading. For detailed price information and recent news stories about Agria, click GRO.