Venky’s India may have been added to ASM due to abnormal share move, company says

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Venky’s India believes that their stock was added under Securities and Exchange Board of India’s (Sebi) Additional Surveillance Measures (ASM) due to the move in stock, said B Venkatesh Rao, MD of the company.

“We have to look into the matter and three-six weeks’ time has been given and after that everything looks clear,” said Rao.

Venky’s is one of the 109 stocks which are under Sebi’s ASM list.

Last week, the market regulator imposed ASM on stocks to check any abnormal rise in stock prices that is not commensurate with the financial health of companies.

The company is trying to bring the debt down and everything looks positive from its angle, Rao said.

“If market doesn’t support then maybe it will stretch for a few months more but eventually it has to come back,” he said.

Higher production and religious festivals in monsoon lead to high supply and lower prices, said Rao, adding that demographics are pointing in favour of increased demand for the company’s products.

Processed chicken market is contributing 10-15 percent of the revenue and it is growing fast, added Rao.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow