Radico Khaitan clarifies on stake sale buzz; stock erases gains

The stock was trading 1% higher at Rs 135, falling 5% from intra-day high on the BSE.

Shares of Radico Khaitan pared most of intraday gains after the company clarified that the news report of Bacardi India being in preliminary talks to buy stake in the company is factually incorrect.

The stock had rallied over 6% to Rs 142 in intraday deals, but was up just 1% in the afternoon trade. 

“We are not aware of any information that has not been announced to the stock exchanges, which would explain the movement in the trading of company’s shares,” Radico Khaitan said in a BSE filing after the stock exchange sought clarification with regard to same