Shares of Ruchi Soya tanked nearly 20% in early trade after the board of the Baba Ramdev-led firm cleared the allotment of 6.61 crore equity shares via a Follow on Public Offer (FPO). The firm plans to raise Rs 4,300 crore from the share sale. Ruchi Soya stock opened 19.36% lower at Rs 706 against the previous close of Rs 875.45 on BSE.
Shares of Baba Ramdev-led Patanjali group's Ruchi Soya Industries on Tuesday rallied nearly 16 per cent, halting its four-day decline amid value buying.
Ruchi Soya s last day to subscribe to the FPO (Follow on pubic offer) is today March 28. The Patanjali Group subsidiary has so far received a tepid response from the investors
Capital markets regulator SEBI on Monday asked bankers of Baba Ramdev-led Patanjali group's Ruchi Soya to give an option to investors in its ongoing follow-on public offer of shares to withdraw their bids.