Shares of Ruchi Soya Industries continued to witness selling pressure. They 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 companies has slipped 28 per cent in the past one week, compared to a 2.8 per cent rise in the S&P BSE Sensex.

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At 11:06 am, Ruchi Soya traded 10 per cent lower at Rs 791, compared to a 0.95 per cent decline in the S&P BSE Sensex. The trading volume at the counter jumped over five-fold, with a combined 8.34 million equity shares representing 2.8 per cent of the total equity of the company changing hands on the NSE and BSE.

Ruchi Soya, on Tuesday after market hours, said that the FPO issue committee, at its meeting held on April 5, 2022, approved the allotment of 66.15 equity shares of the face value of Rs 2 each, for an amount aggregating to Rs 4,300 crore, under the FPO issue. The company fixed the issue price at Rs 650 per share.