'Ruchi Soya' Shares Tumble Over 14 Pc

Shares of Ruchi Soya Industries received a severe drubbing on the bourses on Wednesday as it plummeted over 14 per cent. The fall in the stock came a day after the company announced allotment of shares under the Rs 4,300 crore-Follow on Public Offer (FPO) which had also come under regulatory lens for certain issues. On the BSE, the scrip settled at Rs 754.75 apiece, lower by 13.79 per cent.

During the day, it tanked 19.35 per cent to Rs 706. On the NSE, shares of the company plunged 14.34 per cent to settle at Rs 749.85 apiece. In traded volume terms, 12.39 lakh shares were traded on the BSE and over 1.31 crore shares on the NSE during the day. The benchmark Sensex dropped 566.09 points or 0.94 per cent to finish at 59,610.41. On Tuesday, the company informed stock exchanges that it has approved the allotment of 6,61,53,846 equity shares for an amount aggregating to Rs 4,300 crore pursuant to the FPO.

The company had fixed the FPO issue price at Rs 650 per share. Following the issuance, the company's paid-up equity share capital increased from Rs 59,16,82,014 to Rs 72,39,89,706, according to regulatory filings. The issue was open from March 24 to 28. However, in a rare move, Sebi, on March 28, had asked bankers of Ramdev-led Patanjali group's Ruchi Soya to give an option to investors in its FPO to withdraw their bids while also cautioning them about the "circulation of unsolicited SMS" about the share sale.

The FPO closed on March 28, and the withdrawal window was open for two days till March 30, as per the Sebi directives. Nearly 97 lakh bids were withdrawn by FPO investors after markets watchdog Sebi directed Ruchi Soya to give investors the option to withdraw their bids, sources had said on March 31.

(PTI)