Patanjali Foods shares jump 5% to fresh 52-week high as stock exits ASM framework

Shares of Baba Ramdev-led Patanjali Foods today rallied up to 4.65% to fresh 52-week high of Rs 1,439.70 as the FMCG stock moved out of the additional surveillance framework (ASM) under the insolvency and bankruptcy code.

ASM or additional surveillance framework is part of the initiatives taken by the Securities and Exchange Board of India and stock exchanges to enhance market integrity and safeguard the interest of investors. ASM framework is based on objective parameters with price, volume variation, volatility, etc.

There are two types of surveillance framework under which stocks are shortlisted, mainly short-term and long-term.

Stocks shortlisted for inclusion in the ASM list indicate a warning to investors about the unusual price movement. Certain trading restrictions are implemented to avert any volatility and potential losses for investors.

On Tuesday, shares of Patanjali Foods ended 4.5% higher on the NSE at Rs 1,367.90. The company will declare its September quarter results on November 8.

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