Ruchi Soya tanks 19% as board okays FPO allotment; down 28% in one week

Ruchi Soya on Tuesday said that board has approved the allotment of 66.15 equity shares of face value of Rs 2 each, for an amount aggregating to Rs 4,300 crore, pursuant to the FPO issue.

Shares of Ruchi Soya Industries continued to witness selling pressure, and fell as much as 19 per cent to Rs 706 on the BSE in Wednesday’s intra-day trade amid heavy volumes ahead of the listing of shares allotted via follow-on-public offering (FPO). The stock of edible oil company has slipped 28 per cent in the past one week, as compared to a 2.8 per cent rise in the S&P BSE Sensex.

At 11:06 am; Ruchi Soya traded 10 per cent lower at Rs 791, as compared to 0.95 per cent decline in the S&P BSE Sensex. The trading volume