Varun Beverages' share price slumped nearly 5% on Monday, extending its fall to a third consecutive session, following the company's announcement of a board meeting on Wednesday to consider raising of funds through QIP.
The company informed the exchanges that a meeting of the board of directors of the company will be held on Wednesday to consider and approve raising of funds by way of issuance of equity shares through qualified institutions placement.
The stock has lost around 10% in its three-day fall.
On Monday, the scrip fell as much as 4.80% to Rs 551.10 apiece, the lowest level since Sept 10. It pared losses to trade 4.7% lower at Rs 551.45 apiece, as of 10:36 a.m. This compares to a flat NSE Nifty 50 Index.
It has risen 11.4% on a year-to-date basis and 51.6% in the last 12 months. Total traded volume so far in the day stood at 0.69 times its 30-day average. The relative strength index was at 29.2.
Out of the 23 analysts tracking the company, 20 maintain a 'buy' rating, and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 30.8%.
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