Shares of Heritage Foods have created a stir in the market for the last few days. The company’s shares rose more than 100% in 12 days. Now shares of Heritage Foods are falling. The company’s shares reached Rs 626.50 on Wednesday with a lower circuit of 5 percent. The company’s shares have been on the lower circuit for the second consecutive day. A decline of 5 percent was seen in the shares of Heritage Foods on Tuesday also. Heritage Foods has direct connections to Telugu Desam Party (TDP) Chief Chandrababu Naidu. Chandrababu Naidu has become the Chief Minister of Andhra Pradesh for the fourth time.
Naidu family’s wealth increased by Rs 1200 crore
Due to the sharp rise in the shares of Heritage Foods, the wealth of Naidu family increased by about Rs 1200 crore. Chandrababu Naidu’s wife Bhuvaneshwari Nara and his son Nara Lokesh hold 24.37% and 10.82% stake respectively in Heritage Foods. On May 23 this year, the value of the stake of Bhuvaneshwari Nara and Nara Lokesh was around Rs 1100 crore, on June 10 the value of this stake had increased to more than Rs 2300 crore. Shares of Heritage Foods reached a new high of Rs 727.90 on June 10, 2024, with a jump of 10%.
Change in price band
The circuit limit of Heritage Foods Limited has now been revised to 5 percent, earlier it was 10 percent. Earlier on June 6, the price band was changed from 20% to 10%. A block deal has also been done in Heritage Foods on June 10. This block deal has been done at a price of Rs 725 per share. The block deal was for about 44 lakh shares. However, the buyers and sellers of this transaction have not been identified yet. A block deal has also taken place in the shares of the company on Wednesday, which is of 14.2 lakh shares. The value of this deal is Rs 89.4 lakh. This deal has been done at an average price of Rs 629 per share.
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