The stock of Tata Consumer Products fell nearly 3 per cent on Thursday after the company Wednesday said there were no negotiations going on acquiring a 51 per cent stake in Haldiram’s.
Tata Group’s FMCG arm was in talks with Haldiram’s to buy at least a majority stake, but was not comfortable with the $10 billion valuation sought by the leading snacks maker and restaurant operator, multiple media reports stated.
In the intraday session, Tata Consumer’s share price fell 2.9 per cent to touch a low of Rs 853.85 on BSE. At the time of writing, Tata Consumer was trading 2.66 per cent lower at 856.50.
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“The company is not in negotiations as reported” to acquire Haldiram’s,” TCPL said in a regulatory filing in response to a clarification sought by the NSE and the BSE regarding the reports.
“Tata Consumer Products does not comment on market speculation,” a company spokesperson said earlier in the day.
In a statement issued later on Wednesday, Halidram’s said: “We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products.” TCPL owns brands such as Tata Salt, Tata Tea, Tetley, Tata Coffee, Tata Soulfull and Eight O’clock in the tea, coffee and beverages segment and Himalayan, Gluco+ in the liquid beverages.
