Patanjali Foods shares fall 5% after SC summons Baba Ramdev, Acharya Balakrishna
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Synopsis
The apex court summoned the duo after Patanjali Ayurved failed to file a reply to a contempt notice issued to the company. The case is related to alleged misleading advertisements published by the company for its traditional ayurvedic medicines which claim to cure certain diseases.
The case is related to alleged misleading advertisements published by the company for its traditional ayurvedic medicines which claim to cure certain diseases.
Earlier, the SC barred the consumer firm from publishing advertisements for its traditional ayurvedic medicines.
The company later issued a statement saying that the SC's order did not relate to Patanjali Foods (PFL) which is an independent listed entity and operates in the space of edible oil and food FMCG products only. It further said that the observations do not have any bearing on the regular business operations or the financial performance of Patanjali
Foods.
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Ramdev had previously denied the criticism and accused some doctors of spreading propaganda against traditional medicines, which are hugely popular in India.
Last month, India's top court pulled up Patanjali for prima facie violation of the undertaking it had given in the court about its products and statements claiming their medicinal efficacy. The court had then issued a notice to the company seeking its reply on why contempt proceedings should not be initiated.
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