Patanjali Foods Share Price Plunges After F&O Inclusion

Shares of Patanjali Foods plunged over 13% on Friday after NSE approved its inclusion in Futures and Options contracts. The exchange also approved the inclusion of Amara Raja Energy & Mobility Ltd., IIFL Finance Ltd., and Titagarh Rail Systems Ltd.

Patanjali Foods reported a 20.2% jump in net profit in the third quarter. Net profit stood at Rs 371 crore in the October-December period, compared to Rs 309 crore in the same period last year.

It revenue rose 11.6% to Rs 9,103 crore in the third quarter, against Rs 8,154 crore. Ebitda was up 20.3% at Rs 541 crore, compared to Rs 449 crore. While, margin expanded to 5.9%, against 5.5%.

Pantanjali Food stock fell as much as 13.38% during the day to Rs 1,570 apiece on the NSE. It was trading 11.95% lower at Rs 1,596 apiece, compared to a 1.31% decline in the benchmark Nifty 50 as of 11:15 a.m.

It has risen 3.56% in the last 12 months. Total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 26.8.

All three analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 2,108.6, implying an upside of 26%.