Patanjali Foods shares surge 7% in intra-day trading following incorrect reports of GQG increasing stake

Shares of Patanjali Foods climbed nearly 7 per cent in intra-day trade on Tuesday after wrong shareholding data for the quarter ending March indicated that US-based investment firm GQG Partners hiked its stake in the company.The stock jumped 5.41 per cent to settle at Rs 1,407.70 on the BSE.

Shares of Patanjali Foods climbed nearly 7 per cent in intra-day trade on Tuesday after wrong shareholding data for the quarter ending March indicated that US-based investment firm GQG Partners hiked its stake in the company.

The stock jumped 5.41 per cent to settle at Rs 1,407.70 on the BSE. During the day, it climbed 6.63 per cent to Rs 1,424.10.

At the NSE, it advanced 5 per cent to Rs 1,408.50. During the day, it zoomed 6.21 per cent to Rs 1,424.

A filing was uploaded earlier in the day, which showed that GQG Partners Emerging Markets Equity Fund A Series of GQG Partners Series LLC have upped its stake to 9.31 per cent as on quarter ended March 31.

The company later revised the shareholding pattern at 4:14:57 pm and gave reasons of typographical mistake in number of shares held by GQG Partners Emerging Markets Equity Fund A Series.

The revised format showed that GQG Partners Emerging Markets Equity Fund has 1.02 per cent stake in the company.

Last year in July, GQG Partners bought a 5.96 per cent stake in edible oil firm Patanjali Foods, which is promoted by Baba Ramdev-led Patanjali Ayurved.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)