India's Patanjali Foods down after top court bars promoter from running some ads

Patanjali Foods

28/02/2024 06:46

** Shares of India's Patanjali Foods  PAFO.NS  down 4.7%,
easing from a session-low drop of 5.4%
    ** India's top court on Tuesday barred one of the promoters
of PAFO - Patanjali Ayurved - from publishing ayurvedic medicine
ads
    ** Patanjali Ayurved did not respond to a Reuters request
for comment on Tuesday
    ** PAFO, which sells edible oils, biscuits and honey, says
court order has no bearing on co's regular business ops or
financial performance 
    ** Co set to snap five-month-long gaining streak  
    ** More than 1 mln shares traded by 12:04 p.m. IST, nearly
twice the 30-day avg
    ** So far this year, PAFO has lost 1.8% after a ~32% climb
in 2023 - its fourth straight annual gain

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))