Chandrababu Naidu's Heritage Foods Shares Hit Lower Circuit Limit Again, Down 5% Amid Profit Booking

Heritage Foods Shares: The stock had been experiencing a bullish run since June 3, spurred by the TDP's alliance with the NDA 3.0 government

Heritage Foods Shares: Chandrababu Naidu's wife Bhuvaneswari owns a 24.37 per cent stake, his son Lokesh has a 10.82 per cent stake, and his daughter-in-law Brahmani holds 0.46 per cent.

Source : PTI

Heritage Foods Shares: Heritage Foods, the dairy company promoted by the family of Telugu Desam Party (TDP) chief and Andhra Pradesh Chief Minister Chandrababu Naidu, saw its shares hit the 5 per cent lower circuit for the second straight session on Wednesday. On June 10, the stock's price band was revised from 10 per cent to 5 per cent, after previously being adjusted from 20 per cent to 10 per cent on June 6.

This tightening of the circuit limits has prompted a wave of profit-taking by investors. As of 2.15 pm on Wednesday, Heritage Foods stock was trading at Rs 626.50, down 5.00 per cent on the BSE, while on the NSE it was trading at Rs 627.30, down 5.00 per cent.

A significant block deal involving 1.5 per cent of the company's equity, amounting to 14.2 lakh shares worth Rs 89.4 crore, was executed on June 12 at an average price of Rs 629 per share. The identities of the buyers and sellers in this transaction remain undisclosed.

Heritage Foods' stock had been experiencing a bullish run since June 3, spurred by the TDP's alliance with the National Democratic Alliance (NDA) 3.0 government. The stock price doubled in just 12 sessions as of June 10, resulting in substantial gains for the Naidu family, who hold a 35.7 per cent stake in the company.

Chandrababu Naidu's wife Bhuvaneswari owns a 24.37 per cent stake, his son Lokesh has a 10.82 per cent stake, and his daughter-in-law Brahmani holds 0.46 per cent.

On June 10, Heritage Foods' shares surged by 10 percent following a large transaction worth Rs 319.60 crore on the exchanges, where approximately 44 lakh shares, representing a 4.8 per cent stake in the company, changed hands.

Founded in 1992, Heritage Foods is a leading player in India's value-added and branded dairy products sector. The company's products, including milk, curd, ghee, paneer, flavoured milk, and immunity milk, are consumed by over 1.5 million households across 11 states in India.