Shares of Patanjali Foods Ltd. tumbled nearly 17% during the trading session on Wednesday, July 15 extending losses for a third consecutive session.
As the shares continue to fall, Patanjali Foods CEO Sanjeev Asthana in an exclusive interaction with NDTV Profit said he cannot comment much of stock price decline, while assuring business operations are continuing as usual and the company "continues to remain debt free". The CEO noted, "There is no adverse news to report from our side."
Patanjali Foods share price traded 15.45% lower at Rs 344.85 apiece by 1:04 pm, while bencmark Nifty 50 index was flat.
He added that there are currently no material events requiring disclosure under regulatory guidelines, reiterating that business operations are continuing as usual despite the sharp fall in the stock.
Asthana also denied any link between the share price fall to regulatory concerns, saying, "there is no FDA-related issue with Patanjali. No FDA-related concern took place in the last 15 days. " He clarified that FDA related concern was flagged for Patanjali Ayurved, a non-listed entity.
Prior to CEO's response, Patanjali Foods, in a filing to the BSE and the National Stock Exchange, said it continues to operate in the usual course and remains focused on its growth plans. The filing read, "To the best of the management's knowledge, there are no material events, information or circumstances that require disclosure under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015."
It further added, "The Company continues to remain focused on its growth path and is carrying on its business operations in the ordinary course, while pursuing its business objectives."
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