Patanjali Foods on Wednesday said there were no undisclosed material events behind the sharp fall in its share price after the stock extended losses for a third consecutive session.
Shares of Patanjali Foods plunged nearly 20% intra-day on the BSE to hit a 52-week low of Rs 328.05 apiece, after 87 million shares (or 8% of total equity) worth Rs 3,055 crore changed hands. The weighted average price was Rs 351.14 apiece.
Among the buyers were Graviton Research Capital, which purchased 9.34 million shares, according to bulk deal data from NSE. Graviton Research purchased the shares at Rs 351.51 apiece. At the end of trade on Wednesday, the stock closed at Rs 348.25 apiece on the BSE, down 14.57% versus the previous day’s close.
The company said it continued to remain focused on its growth path and was carrying on its business operations in the ordinary course, while pursuing its business objectives.
In the last three sessions, the stock has lost nearly 16% of its value. Its market capitalisation has eroded by Rs 7,143 crore in the last three days, of which Rs 6,463 crore was erased on Wednesday alone. At the end of trade on Wednesday, the market-cap stood at Rs 37,893 crore. Year to date, shares of Patanjali Foods have tanked 36%, even as the Sensex was down 9.43% in the same period.
Patanjali Foods also said that it had complied with Securities and Exchange Board of India (Sebi) regulations by promptly disclosing all material events and information that could affect its operations, performance or affairs.
