KS Oils, Ruchi Soya rise on issuing clarifications

K S Oils and Ruchi Soya Industries have bounced back more than 8% each after both these companies clarified the reports that appeared in certain sections of the media regarding involvement of certain individuals in share price manipulation.
 
“The company would like to categorically state that they have not received any official communication from any of the regulators or stock exchanges or any other authorities and also deny any involvement of the company or any executives in this matter. K S Oils continues to pursue its business as usual and is focused on delivering the customer with superior products and maintaining its leadership position in the edible oil segment in India," K S Oils said in a filing to the stock exchanges.
 
Ruchi Soya stated that the promoters have not sold any shares in the current financial year (expecting a nominal market sale of 12,255 shares representing 0.008% of the promoters’ stake) and the promoters’ stake in the company stands at 48.44%.
 
K S Oils stock is currently trading 12% higher at Rs 34.15, after falling 37% during last five trading days till yesterday. Ruchi Soya Industries that tanked 35% in last on week on the NSE is trading up 8% today at Rs 89.50.