India's SOM Distilleries down after co cancels fund raise via share sale

Som Distilleries and Breweries

09/10/2023 05:24

** Shares of SOM Distilleries & Breweries  SDB.NS  drop as
much as 5.3% to 348.75 rupees, their biggest intraday percentage
fall since Sept. 12 
    ** If losses hold, stock set to decline for second straight
session
    ** Co says it will not go ahead with proposed share sale via
qualified institutional placement due to lesser bids
    ** SDB says meeting of fund raising committee, to determine
issue price of shares, scheduled for Oct. 10 stands cancelled 
    ** More than 258,000 shares traded by 9:44 a.m. IST, 0.6
times the 30-day avg volume 
    ** Including day's losses, stock up nearly 196% YTD 

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))