Ruchi Soya Industries' stock was plummeted on the stock exchanges on Wednesday, going down more than 14 percent. The price dropped one day after the company announced the allotment of shares under the Rs 4,300 crore Follow on Public Offer (FPO), which was also scrutinised by regulators due to several concerns.

The stock ended the day at Rs 754.75 per share on the BSE, down 13.79 percent. During the day, it plummeted 19.35 percent to Rs 706. On the NSE, the company's shares fell 14.34 percent to Rs 749.85 per share. During the day, 12.39 lakh shares were traded on the BSE and nearly 1.31 crore shares were traded on the NSE. The benchmark Sensex finished at 59,610.41, down 566.09 points or 0.94 percent.

The company informed stock markets on Tuesday that it has approved the allotment of 6,61,53,846 equity shares for a total of Rs 4,300 crore in accordance with the FPO. The FPO issue price was set at Rs 650 per share by the business. According to regulatory documents, the company's paid-up equity share capital increased from Rs 59,16,82,014 to Rs 72,39,89,706 following the issuance. From March 24 through March 28, the issue was available for purchase.

On March 28, Sebi instructed bankers of Ramdev's Patanjali group's Ruchi Soya to provide investors in the FPO the option to withdraw their bids, while also warning them about the "distribution of unsolicited SMS" about the share sale. According to Sebi directives, the FPO closed on March 28 and the withdrawal window was open for two days until March 30.

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