Yogguru Ramdev’s Patanjali group company Ruchi Soya had a tumultuous day on Tuesday. However, despite this, the stock price of Ruchi Soya continued to run fast and its price rose to Rs 130 at the end of trading. This rise in the share price is also significant because there has been a decrease in the subscribers of the follow-on public offer (FPO) of Ruchi Soya. Let us understand the whole matter.
What’s the matter: In fact, the stock market regulating body SEBI has asked Ruchi Soya to give an option to investors to withdraw their bids. After this order, Ruchi Soya said, “In line with the instructions of SEBI, we would like to bring to the notice of the investors that all the bidders have an option to withdraw their bids by March 30, 2022.” This means that anyone who found bidding in the FPO was a loss deal, they can now get out of it. Let us tell you here that the process of bidding for Ruchi Soya’s FPO has ended on March 28, so no bid will be accepted now.
What happened: After SEBI’s order, investors betting on FPOs were competing to sell shares. Due to this the company’s subscription has come down from 3.6 times to 2.58 times. Investors still have one day’s chance to exit the FPO. That is to say, the decline in Wednesday’s business also cannot be ruled out.
Board meeting postponed After the order of SEBI, the board meeting of Ruchi Soya has also been postponed till March 31. Actually, the board of Ruchi Soya was to meet today i.e. on March 29, however, due to the delay in the ongoing FPO bid clearance process, the board meeting has been postponed till March 31.
FIR on fake message: The reason for the SEBI order is a fake message. In a fake message, it has been mentioned that the stock of Ruchi Soya was found at a price below the market price. The company claimed that this message was neither issued by it nor by its directors, promoters or group companies. In this regard, the company has also filed a case in Haridwar demanding an inquiry.
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Still the share price ran: If stock market expert Sachin Sarvade is to be believed, then the stock of Ruchi Soya was already running at a discount price. If you look from March 15, except for a few days, the share price has fallen. In such a situation, the increase in stock buying is not a surprise. There are many factors in the stock market, due to which the share price of edible oil companies has got a boost.
Any effect of SEBI order: Sachin Sarvede says that the order on FPO of SEBI has created panic among retail investors to sell shares. However, this is not the case among institutional investors. Institutional investors are in a stable mood. Now everything will be decided in Wednesday’s business. Let us tell you that the share price is Rs 944.95 on the BSE index, which is 15.94 percent higher than a day earlier.