Ruchi Soya share price recovered from day’s low but were still trading more than 2 per cent down on Thursday after the company reported a drop in profits for the June quarter.
Ruchi Soya Share Price The stock was down 2.2 per cent at Rs 704. It hit the 5 per cent lower circuit during the day placed at Rs 683.80.
The Patanjali Group firm on Wednesday reported a 13 per cent decline in its net profit to Rs 12.25 crore. The total income fell to Rs 3,057.15 crore during the first quarter this fiscal, from Rs 3,125.65 crore in the corresponding period previous year.
It also announced the resignation of Acharya Balkrishna as managing director of the company. He will continue to be the Chairman of the Board.
Ram Bharat, whole-time director of the company, has been designated as Managing Director of the company with effect from August 19, 2020, till December.
Thanks to low float and excessive demand, share prices of Ruchi Soya had jumped from a couple of rupees at the start of the year to a high of Rs 1,535 in June. Now, it is down by more than half of that level.
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Concerned by the volatile moves in the scrip, market regulator Sebi on Wednesday proposed to rejig the minimum public shareholding norms for firms under insolvency. In a consultation paper, Sebi proposed three options for companies which undergo corporate insolvency resolution process to increase the free float in the market.
Baba Ramdev-led Patanjali Group had acquired edible oil firm Ruchi Soya through an insolvency process.
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