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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.
Sensex tanks 566 points to 59,610 and Nifty ends 149 points lower at 17,807
Equity benchmark Sensex zoomed 675 points to 58,619 and Nifty gained 157 points to 17,482.
Equity benchmark Sensex ended 740 points higher at 58,683 and Nifty rose 173 points to 17,498.
Shares of Ruchi Soya rose for the second straight session today despite the company filing an FIR in Haridwar to investigate the source of SMSs advising investors to participate in its follow on public offer (FPO). The development came after the market regulator SEBI, on March 28, asked the Baba Ramdev-led firm to provide an option to all investors (except anchor investors) in its follow-on public offer (FPO) to withdraw their bids due to "circulation of unsolicited SMSs advertising the issue".