Vadilal Denies Report Of Selling Business To Bain Capital, Shares Fall

Shares of Vadilal Industries Ltd. declined on Tuesday after it clarified that there were no plans to sell any assets to investment firm Bain Capital LP.

The stock rallied over 18% and hit a record high of Rs 3,294.65 apiece on Monday on reports that the investment firm was in talks to buy Vadilal. The stock has gained 17.50% on a year-to-date basis.

Shares of the company fell 4.01% to Rs 3,076.30 apiece as of 10.54 am, compared to a 0.69% advance in the NSE Nifty 50. The stock fell as much as 4.62% intra-day, the most since June 6.

The total traded volume stood at 5.1 times its 30-day average. The relative strength index was at 68.2.