Patanjali Foods down 5% after stock exchanges freeze promoter shareholding

The company is required to either raise funds or promoters needs to sell 5 per cent stake to bring down their stake to 75 per cent

Shares of Patanjali Foods slipped 5 per cent to Rs 912.90 on the BSE in Thursday's intra-day trade after the stock exchanges froze promoter holding of the company after the failed to meet 25 per cent public shareholding within the given time frame.

At present, the promoter stake in Baba Ramdev-backed company is at 80.82 per cent. The company had to increase its public shareholding from 19.2 per cent to 25 per cent.

"The company had to increase its public shareholding from 19.18 per cent to 25 per cent, and while the management of the company was discussing