The shares of Ruchi Soya, owned by Baba Ramdev's Patanjali Ayurved, have seen a strong jump in the past 104 days. At the same time last year, shares of this bankrupt company have risen by 8,400 per cent. It was acquired by Patanjali in December 2019 after the company went through the insolvency process. The company was once again listed on the stock market on 27 January, since which the company has gained 8400% in 104 trading sessions so far. Now the shares of the company have increased from Rs 16.9 to Rs 1,431. However, on Tuesday, there was a decline of 5 per cent and the company's stock has come to Rs 1,371.
According to stock market experts, the major reason for the surge in Ruchi Soya stock is that 99.03% or 29 crore shares of the company are with 15 companies of Patanjali Group. Only 0.97 percent shares (28 lakh) are available to investors. Only 10 to 15 thousand shares are traded every day and it is difficult for investors to acquire them. This is the reason why Ruchi Soya shares are seeing rapid growth.
According to experts, Ruchi Soya's shares are very low and everyone wants to invest in it. Due to this, there is a continuous boom in it. However, stock market analysts say that it should be investigated as to who are the investors who want to buy Ruchi Soya shares. Market analyst Ambareesh Baliga said that SEBI should examine such a spurt in Ruchi Soya shares.
It is worth noting that Baba Ramdev's company Patanjali Ayurved is in controversy these days due to the claim of making a medicine to treat the corona virus infection. Last Tuesday, Baba Ramdev and the company's CEO Acharya Balkrishna had launched the drug, named Coronil, that it could cure patients of Corona. However, in response to the notice of the Ayush department of Uttarakhand, Patanjali has said that he has not prepared any such medicine.