Mishtann Foods Ltd Share: Mishtann Foods’ share has hit a 20 percent lower circuit. The primary reason for the lower share on December 9 is the announcement sent to SEBI, the regulator of the market.
SEBI issued an exhibitor’s notice in respect of Mishtann Foods. The share in Mishtann Foods has hit a lower circuit twice during December.
The value of the company’s shares fell 36 percent in just 2 days.
Price Came Down To 52-week Low Level
Following a 20 percent lower circuit impacted the shares of the company on BSE today and the price has since fallen to Rs 9.
According to BSE information, the cost of shares issued by the company has sunk over 35 percent over the past year.
The 52-week high of the company is 26.37 rupees. The 52-week low is 9 rupees which is the current price.
The market capitalization for Mishtann Foods was Rs 1071.15 crore.
What Is The Matter?
SEBI issuing this announcement concerning funds of around Rs 100 crore in Mishtan Foods.
SEBI has stated that the funds have been used to evade scrutiny or transferred through the group’s institutions.
SEBI member Ashwini Bhatia exposed the information about the huge manipulations that were carried out in the transactions in the financials for Mishtan Foods.
The letter that was sent out by the exchange to Mishtan Foods by the exchange states that the company exaggerated the amount of its purchases and sales by using fake or fictional entities.
These are the organizations that were made up using their names as promoters to Mishtan Foods and their relatives.
The company has denied all allegations in this whole issue. The company says that its legal department is in the process of preparing answers to all questions.
In light of that, the firm will decide the near future.
Quick Fact
| Company name | Mishtann Foods |
|---|---|
| Share impact | 20% lower circuit |
| Recent decline | Fell 36% in 2 days |
| Current price level | ₹9 |
| 52-week high | ₹26.37 |
| Market capitalization | ₹1071.15 crore |
| Decline over 1 year | More than 35% |
| SEBI notice reason | Funds of ₹100 crore |
| Fund use issue | To evade scrutiny |
| Allegation details | Fake purchase, sales claims |
| Share Impact | Denies allegations |
| Legal response | Preparing answers |
| Decision time | Near future |
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