Ruchi Soya slumps as IDBI Bank declares it defaulter

Ruchi Soya Industries lost 14.1% to Rs 16.15 at 14:31 IST on BSE after the company announced that IDBI Bank has declared the company as a wilful defaulter.

The announcement was made after market hours yesterday, 13 December 2017.

Meanwhile, the S&P BSE Sensex was up 6.76 points or 0.02% at 33,059.80. The S&P BSE Small-Cap index was off 96.15 points or 0.53% at 17,885.70.

On the BSE, 26.38 lakh shares were traded in the counter so far, compared with average daily volumes of 6.51 lakh shares in the past one quarter. The stock had hit a high of Rs 18.35 so far during the day. The stock had hit a low of Rs 15.75 so far during the day, a 52-week low for the stock. The stock had hit 52-week high of Rs 33.75 on 2 November 2017.

The stock had underperformed the market over the past one month till 13 December 2017, sliding 22.31% compared with 0.06% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 14.35% as against Sensex's 2.69% rise. The scrip also underperformed the market in past one year, falling 6.23% as against Sensex's 23.8% rise.

The small-cap company has equity capital of Rs 66.82 crore. Face value per share is Rs 2.

Ruchi Soya Industries announced that IDBI Bank has declared the company as a wilful defaulter. The company is, in consultation with its legal counsels, to challenge the decision by taking appropriate legal action that may be required in this regard, Ruchi Soya Industries said.

Ruchi Soya Industries reported net loss of Rs 2882.71 crore in Q2 September 2017 as against net profit of Rs 26.75 crore in Q2 September 2016. Net sales declined 39.8% to Rs 3088.76 crore in Q2 September 2017 over Q2 September 2016.

Ruchi Soya Industries is a manufacturer and marketer of healthier edible oils, soya food, premium table spread, vanaspati and bakery fats. It is also exporter of soya meal, lecithin and other food ingredients from India.