Ruchi Soya in news

Ruchi Soya is very much the newsmaker today. Earlier it spiked up to its 20% UC at Rs.978 but after that soon pared the gains and is now trading at Rs.889, up some 9%.

There is a huge controversy brewing around the FPO. There is a SMS/message in circulation in social media, speculating about investment opportunity in its FPO and about shares being available at discount to the market price.

Following this, SEBI directed Ruchi Soya to give the investors who participated in its FPO the option to withdraw their bids due to circulation of unsolicited SMSes advertising the issue. With this option coming in, subscription is down to 2.58 times today from 3.6 times yesterday.

The company issued a clarification saying that this message was issued neither by the company or any of its Directors, Promoters, Promoter Group or Group Companies.