Standard Chartered Bank files insolvency case against Ruchi Soya: Reports

Standard Chartered Bank filed insolvency case against Ruchi Soya at NCLT in Mumbai, according to reports.

Shares of Ruchi Soya Industries were trading 0.23 per cent down at Rs 21.90 around 2.30 pm (IST). Benchmark BSE Sensex was up 37.83 points, or 0.12 per cent, at 32279.76.

On the BSE, 1.58 lakh shares were traded in the counter so far, compared with average daily volumes of 3.13 lakh shares in the past two weeks.

For the quarter ended June 2017, the company reported net loss of Rs 286.24 crore against net profit of Rs 1.03 crore in the corresponding quarter last year. Revenue of the company increased to Rs 3261.21 crore in Q1FY17 from Rs 5001.52 crore in Q1FY16.

Ruchi Soya Industries is engaged primarily in the business of processing of oil-seeds and refining of crude oil for edible use.