Following the Supreme Court’s contempt notice to Patanjali, the company’s shares fell by 4.13 per cent, on Wednesday, to hit a low price of Rs 1,555. The price came down by 10.58 per cent from its record high of Rs 1741 observed in the last year.
The apex court, on Tuesday, served a notice to Patanjali Ayurved and its founders to put a temporary ban on its highly misleading ads claiming to completely cure diseases like diabetes, high blood pressure, arthritis, asthma and obesity.
This came after the court observed that the FMCG company had violated its previous ruling which banned Patanjali from issuing such misleading ads. The court also rapped the centre saying, “The government is sitting with its eyes closed while the entire country was taken for a ride.”
Meanwhile, the Ramdev-led Patanjali Foods said, “The observations of the Supreme Court of India do not relate to the company as it is an independent listed entity and operates in the space of edible oil and food FMCG products only.” Further insisting that the business operations wouldn’t be impacted by the top court’s decision.
The yesterday’s notice came as a response to the plea filed by the Indian Medical Association against the Ramdev-led Ayurved giant for carrying a campaign against allopathic medicines.