Ruchi Soya, K.S. Oils stocks crash on the market

Ruchi Soya, K.S. Oils stocks crash on the market

Intelligence bureau's reports on the mid cap companies Ruchi Soya, K. S. Oils and Karuturi Global saw the prices of these stocks declining drastically as investors lose faith and pressed the panic buttons.

Price rigging suspicions surrounded the companies making the investors lose confidence in the stocks.

Ruchi Soya declined by 27 per cent and closed at Rs. 89.3. K. S. Oils closed at 34.25 loosing 14.69 percent and Karuturi global saw a decline of 9.98 percent to close at Rs. 19.85. However Mr Yogesh Kolte, Head of Corporate Communications, Ruchi Soya had declined any such allegations and made it clear in a press statement that it wasn't a part of any sort of price rigging.

K. S oils on the other hand have purchased shares from Citi Venture Capital which is PE investor in the company and the company henceforth denies any sort of other allegations of any other inside trading.

The company officials of all the companies were of the view that the investors should not press the panic buttons too soon; this will only have adverse effects on them.

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