Shares of Patanjali Foods dropped by 20% on Wednesday, reaching a new 52-week low and marking their lowest level since April 2020. The stock fell to Rs 328.20 on the NSE, showing a significant decline from its peak in July last year. Despite this, the company clarified that there were no significant events or developments justifying the sudden drop in its share price.
Following the stock’s sharp decline, Patanjali Foods assured the stock exchanges that there were no material events necessitating disclosure that could explain the sudden price movement. The company emphasized its commitment to its growth trajectory and normal business operations while pursuing its objectives. Despite the initial drop, the stock managed to recover slightly and was trading around 16% lower at approximately Rs 345 per share in afternoon trading.
The recent sell-off has added pressure on the FMCG and edible oil company’s stock, which has seen a decline of nearly 19% over the past month and about 37% year-to-date. Formerly known as Ruchi Soya Industries, Patanjali Foods is a prominent player in India’s edible oil and FMCG sectors, offering a range of products including edible oils, foods, household items, and personal care products.
