Shares of Prataap Snacks Ltd. dropped nearly 6% on Friday after it clarified that it was not in negotiations with ITC Ltd. for a stake sale.
The clarification came after media reports that ITC was considering acquiring a 47% stake held by Peak XV Partners in the Yellow Diamond chips maker. Following the reports, the popular snack makers' stock had rallied over 14% on Thursday.
"We are not aware of any information that has not been announced to the exchanges," Prataap Snacks said in a filing.
On the NSE, Prataap Snacks' stock fell as much as 5.96% during the day to Rs 1,152.05 apiece, the lowest since Feb. 20. It was trading 3.55% lower at Rs 1,181.50 per share, compared to a 0.13% advance in the benchmark Nifty 50 at 9:49 a.m.
The share price has risen 48% in the last 12 months. The total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 46.49.
Two out of three analysts tracking the company have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.4.%.
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