Future Consumer slips 4% after stake acquisition in Genoa Rice Mills

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Shares of Future Consumer shed 4 percent intraday on September 30 after the company acquired 50 percent stake in Genoa Rice Mills.

FCL Tradevest, a wholly owned subsidiary of Future Consumer, entered into a definitive agreement to acquire 50 percent stake in Genoa Rice Mills from the joint venture partner, it said.

Genoa is now a wholly owned subsidiary of FCL Tradevest.

At 1207 hours, Future Consumer was quoting at Rs 26.90, down Rs 1.15, or 4.10 percent on the BSE.

The share touched its 52-week high of Rs 52.65 on November 14, 2018 and 52-week low of Rs 24.10 August 6, 2019.

It is trading 48.91 percent below its 52-week high and 11.62 percent above its 52-week low.