Mumbai, June 25 (IANS) Patanjali Foods Limited shares extended their losing streak for a fifth consecutive session on Thursday, with the stock coming under sustained selling pressure amid weak investor sentiment.
The stock opened at Rs 416.20 and touched an intra-day high of Rs 416.80 before slipping to a low of Rs 408.80 during the session. Over the past five trading sessions, the stock has declined by Rs 11.10, or 2.64 per cent.
The recent weakness has added to the broader decline in the stock price. Patanjali Foods shares have fallen about 12.45 per cent over the past month and have tumbled 25.13 per cent during the last one year.
The decline in the stock comes days after the company disclosed that food safety authorities in Kerala’s Kannur district had prohibited the sale of a specific batch of its sorghum flour after pesticide residue levels were found to be above permissible limits.
In a regulatory filing, Patanjali Foods said it had received a communication from the Office of the Designated Officer (Food Safety), Kannur district, informing the company about the prohibition order relating to a particular batch of sorghum flour.
“Prohibition order of sale of Sorghum Flour of a Batch in Kannur District on account of presence of maximum level of Pesticide Residues of Chlorpyriphos,” it said in its filing.
According to the company, the action was taken after chlorpyriphos pesticide residues in the affected batch exceeded the maximum prescribed limits. The company clarified that the prohibition order is restricted to the identified batch and is applicable only within Kannur district.
Patanjali Foods further stated that the restriction does not have any material impact on its overall financial or operational performance, except for the value of the affected batch.
“There is no material impact on financial or operational activities, except to the extent of value of the Sorghum Flour of a Batch,” it added.
–IANS
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