Mrs. Bectors Food stock hits lowest level since listing amid profit booking

Post listing, institutional investors led by foreign portfolio investors, financial institutions and banks have cut their stake by 4.06 percentage points to 10.46 per cent, data shows

Shares of Mrs. Bectors Food Specialities were down 1 per cent to Rs 430.50, its lowest level since listing on the BSE in the intra-day trade on Wednesday.

Mrs. Bectors Food Specialities made a strong stock market debut on December 24, with stock of the biscuit and bread manufacturer listing at Rs 501, a 74 per cent premium against its issue price of Rs 288 per share on the BSE on Thursday. Post listing, it zoomed 119 per cent against its issue price in the next couple of days.

However, with today's fall, the stock of the packaged foods company has slipped 32 per cent from its high of Rs 630 touched on December 28, 2020, after institutional investors reduced their stake in the company by over 4 percentage points.

According to December 31, 2020, shareholding pattern filed by Mrs. Bectors Food, institutional investors led by foreign portfolio investors (FPIs), financial institutions and banks have cut their holding in the company by 4.06 percentage points to 10.46 per cent. Institutional investors held 14.52 per cent stake in the company as on December 23, 2020, data shows.

Meanwhile, individual shareholders' holding in Mrs. Bectors Food Specialities increased to 16.56 per cent from 15.83 per cent at the time of listing. Clearing members stake stood at 3.97 per cent as on December 31, 2020, against nil, data shows.

Mrs. Bectors Food Specialities manufactures and markets cookies, creams, crackers, digestives and glucose under its brand 'Mrs. Bector's Cremica'. They also manufacture and market bakery products in savoury and sweet categories under its brand 'English Oven'. Bector Food is the largest supplier of buns in India to quick-service restaurant (QSR) chains such as Burger King India.