Ruchi Soya stock jumps 10% on purchase of Patanjali Ayurved retail food biz

 Shares of Ruchi Soya Industries Ltd jumped 10 per cent on Wednesday as Patanjali Ayurved decided to sell its food retail business to the firm.

The stock zoomed 9.59 per cent to settle at ₹1,186.85 on the BSE. During the day, it rallied 10 per cent to ₹1,191.30.

On the NSE, it jumped 9.99 per cent to finish at ₹1,192.15.

In volume terms, 8.38 lakh shares were traded on the BSE and over 1.68 crore shares on the NSE during the day.

Ramdev-led Patanjali Ayurved will sell its food retail business to group firm Ruchi Soya Industries for ₹690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.

Patanjali Ayurved had acquired Ruchi Soya through an insolvency process.

In a regulatory filing, Ruchi Soya said it has entered into a “Business Transfer Agreement” with Patanjali Ayurved to acquire the food retail business of the latter as a going concern on a slump sale basis.

The food retail business of Patanjali Ayurved consists of manufacturing, packaging, labelling and retail trading of certain food products along with manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra.