Ruchi Soya shares close over 3 pc lower after Q1 earnings

Patanjali Group firm Ruchi Soya on Wednesday reported a 13 per cent decline in its net profit to Rs 12.25 crore for the first quarter ended June 30, and announced the resignation of Acharya Balkrishna as managing director of the company. Its net profit stood at Rs 14.01 crore in the year-ago period.

Shares of Ruchi Soya on Thursday closed over 3 per cent lower after the company reported a 13 per cent decline in its net profit for the first quarter ended June 30. The stock closed 3.29 per cent lower at Rs 696.20 on the BSE. During the day, it declined 4.99 per cent to Rs 683.90.

It dipped 2.94 per cent to close at Rs 698 on the NSE. Patanjali Group firm Ruchi Soya on Wednesday reported a 13 per cent decline in its net profit to Rs 12.25 crore for the first quarter ended June 30, and announced the resignation of Acharya Balkrishna as managing director of the company.

Its net profit stood at Rs 14.01 crore in the year-ago period. The total income fell to Rs 3,057.15 crore during the first quarter this fiscal, from Rs 3,125.65 crore in the corresponding period previous year.

"Acharya Balkrishna has resigned from the office of Managing Director of the company with effect from August 18, 2020, due to his pre-occupation. The Board of Directors has accepted his resignation," the filing said. Balkrishna has been designated as Non-Executive Non-Independent Director, liable to retire by rotation with effect from August 19, 2020, subject to approval of members of the company.

He will continue to be the chairman of the board. Ram Bharat, whole-time director of the company, has been designated as managing director of the company with effect from August 19, 2020, till December.