Patanjali Foods drops despite assuring 'no threat' from SC's observations on Patanjali Ayurved ads

Patanjali Foods share price BSE: Shares of edible oil and food FMCG products company, Patanjali Foods, traded in red on Wednesday, February 28, despite the company assuring 'no threat' from the Supreme Court's observations on Patanjali Ayurved. Patanjali Foods said on Tuesday that the Supreme Court's observations on Patanjali Ayurved's advertisements for its ayurvedic medicines have no bearing on its regular business operations and financial performance.

The stock slipped as much as 5.48 per cent to the day's low of Rs 1,536 on BSE. Extending the fall for the third session, Patanjali Foods shares ended at Rs 1,577.8, down 2.62 per cent. 

Patanjali Foods is an independent listed entity operating in the space of edible oil and food FMCG products only, Patanjali Foods (formerly known as Ruchi Soya Industries), whose popular brands include Nutrela, Ruchi Gold, Sunlight, and Sunrich, said in a regulatory filing post market hours.

Ramdev, in conversation with Zee Business Managing Editor Anil Singhvi, also confirmed the same.

The statement from the listed company came after the apex court came down heavily on Patanjali Ayurved for prima facie violation of the undertaking given by it in court about its products and statements claiming their medicinal efficacy.

"The observations of Hon’ble Supreme Court of India do not relate to Patanjali Foods Limited (PFL)," Patanjali Foods said in its filing. Read more 

Besides, Patanjali Foods has informed BSE about a Board Meeting to be held on February 29 to consider ESOP in a filing dated February 26.

(With inputs from agencies)

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