Mishtann Foods shares surge 8%, snap three-day losing streak post ₹20 crore block

Shares of Mishtann Foods Ltd. have recovered from the lows of the day and are not locked in a lower circuit after a large trade that took place in the stock during early trading on Wednesday, December 11.

As many as 2.4 crore shares of Mishtann Foods worth ₹19.4 crore changed hands in the block deal window on Wednesday, according to data available.

The number of shares that changed hands amounts to 2.3% of the outstanding equity of Mishtann Foods.

Buyers and sellers in the transaction are not officially known yet.

Shares of Mishtann Foods fell 20% each on Friday and Monday after market regulator SEBI barred the company from raising public funds last week for a period of seven years.

Post the two successive lower circuits, the price band for Mishtann Foods was revised to 10% from 20%.

“MFL does not agree with the contents and the prima facie observations of the said interim order and totally denies all purported allegations mentioned in the interim order cum show cause notice,” the company said, adding that its legal and compliance team is making efforts to address the queries and take appropriate action,” the company had said in a response to the exchanges on Friday.

Shares of Mishtann Foods have recovered from the lows post the large trade and are currently trading 8.3% higher at ₹9.69.