Patanjali Foods Ltd. said there are no undisclosed material events behind the sharp fall in its share price after the stock extended losses for a third consecutive session on Wednesday, prompting the company to issue a clarification to the stock exchanges.
The stock fell as much as 17.1% to Rs 337.85 during the session. Trading volume was about six times the average for that time of day, while futures data indicated fresh short positions as prices declined alongside a rise in open interest.
In a filing to the BSE and the National Stock Exchange, Patanjali Foods said it continues to operate in the ordinary course and remains focused on its growth plans. It added that, "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."
Here's What the Company Said
"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," the company said.
Patanjali Foods also said it has complied with Regulation 30 of the Listing Regulations by promptly disclosing all material events and information that could affect its operations, performance or affairs.
The company further said that all material information that could have a bearing on the price behaviour of its equity shares has already been disseminated to the stock exchanges.
"To the best of the knowledge and belief of the Company, all material events and information required to be disclosed... have been duly disseminated to the Stock Exchanges," it said.
The clarification was issued in response to an exchange query seeking the company's comments on the significant movement in its share price.
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