Sebi revelations on Mishtann Foods leaves investors with a bitter taste
- Jyotindra Dubey
- THE ECONOMIC TIMES Dec 30, 2024, 13:36 IST IST
Sebi report indicates that the company pumped the stock prices by portraying rosy financials, lured in unsuspecting investors, and then dumped the stock when prices hit the peak
Gujarat-based Mishtann Foods, a BSE-listed basmati rice processing company, was making an impressive mark. From modest sales of ₹5 crore in FY14, the company has surged to over ₹1,200 crore in sales by FY24. Its share price also soared from around ₹2-2.5 per share in February 2021 to an all-time high of ₹23 per share by February this year.
Naturally, the number of public shareholders exploded, growing from just 516 in 2017-18 to a staggering 4.23 lakh by September 2024, with everyone eager to be a part of Mishtann Foods’ success story. However, there has been a shocking twist to this success tale.
Naturally, the number of public shareholders exploded, growing from just 516 in 2017-18 to a staggering 4.23 lakh by September 2024, with everyone eager to be a part of Mishtann Foods’ success story. However, there has been a shocking twist to this success tale.
