Patanjali Issues Statement After Stock Slides 17%, Shares Hit Six Year Low

The Sanjeev Asthana led Patanjali Foods Ltd said there are no undisclosed material events behind the sharp fall in its share price in trade on Wednesday, July 15, after the stock continued its losing streak for the third consecutive session

The stock fell as much as 17.1% to Rs 337.85 per share during the session. Trading volume stood at six times the average for that time of day, while futures data signalled a fresh short positions as prices declined alongside a rise in open interest.

In an exchange filing, Patanjali Foods said it continues to operate in the ordinary course and remains focused on its growth plans.

"To the best of the management's knowledge, there are no material events, information or circumstances that require disclosure under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015," it added.

"The Company continues to remain focused on its growth path and is carrying on its business operations in the ordinary course, while pursuing its business objectives," the company said.

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Patanjali Foods also noted it has complied with Regulation 30 of the Listing Regulations by promptly disclosing all material events and information that could affect its operations, performance or affairs.

The company further said that all material information that could have a bearing on the price behaviour of its equity shares has already been disseminated to the stock exchanges.

"To the best of the knowledge and belief of the Company, all material events and information required to be disclosed... have been duly disseminated to the Stock Exchanges," it said.

The clarification was issued in response to an exchange query seeking the company's comments on the significant movement in its share price.