Patanjali Foods shares declined 4.05 per cent to hit a low of Rs 1,500.05 on BSE. Patanjali Ayurved owned 32.37 per cent stake in Patanjali Foods at the end of March quarter.
Patanjali Foods share price: Today's drop in the stock price came after the Supreme Court barred Patanjali Ayurved from publishing advertisements for its traditional ayurvedic medicines that claim to cure some diseases.
Patanjali Foods share price: Patanjali Foods recently said that US-based firm GQG Partners along with other investors bought 2,15,64,571 shares or 5.96 per cent stake in the company. The shares were bought through the stock exchange settlement process by the way of offer for sale (OFS).
According to an exchange filing on Wednesday, the promoter entity is looking to sell up to 7% stake (2.53 crore shares) at a floor price of Rs 1,000 per share. It was also supposed to sell another 2% in case there was an oversubscription. However, Patanjali Ayurved said on July 13 that it will not utilise the 2% oversubscription option (also called the greenshoe option). It did not mention the reason behind the change of mind.
Patanjali Foods OFS: In the first 20 minutes into trading, the OFS received bids for 355 shares from non-retail investors on BSE. The stock fell 5 per cent to hit a low of Rs 1,166.65 on the exchange.