Ruchi Soya stock hits lower circuit amid report cess on import of edible oil likely to go

Shares of Ruchi Soya hit a lower circuit of 5 per cent in the afternoon session today amid reports that the government was considering the removal of Agri infra cess on the import of crude edible oils.

The stock fell 5 per cent to Rs 1100.45 against the previous close of Rs 1158.35 on BSE. Shares of Ruchi Soya are trading higher than 20-day, 50-day, 100-day and 200-day moving averages but lower than 5-day moving averages.

The stock has gained 29.19 percent in 2022 and risen 2.56 per cent in a year.  The share has fallen 9.75 per cent in two sessions.

Total of 2.40 lakh shares of the firm changed hands amounting to a turnover of Rs 26.91 crore. Market cap of the firm fell to Rs 39,835 crore.

According to reports,  the government is likely to remove duty on import of sunflower oil and crude soybean. The ministry of food and ministry of commerce have proposed to remove cess on import of edible oil. The finance ministry will soon decide on the removal of cess.