India's Patanjali Foods drops as top shareholder plans stake sale, hits lower circuit

Patanjali Foods

13/07/2023 05:53

** Shares of edible oil maker Patanjali Foods  PAFO.NS 
opens 5% lower at 1,165.10 rupees, hitting lower circuit
    ** PAFO's largest shareholder Patanjali Ayurved said on
Wednesday it plans to sell up to 9% of its stake in co
    ** Adds Patanjali Ayurved is looking to sell up to 7% of
stake between July 13-14, with an option to further sell 2%
    ** Floor price for the sale set at 1,000 rupees per share,
18.5% discount as of last close
    ** Stock on track to snap four consecutive sessions of
gains, if trend holds
    ** More than 155,000 shares change hands by 10:02 a.m. IST
vs 30-day avg of 319,489 shares
    ** Stock up 2.77% YTD, as of last close


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))