Tata Consumer falls 2% after denying reports of buying Haldiram stake

The Reuters report, meanwhile, had said that Tata Consumer is not comfortable with the $10 billion valuation sought.

Tata Consumer Products fell 1.87 percent to Rs 862.5 at 9.20 am on September 7  after the company denied news reports that it was in talks to buy a stake in Indian food snack chain Haldiram's. The stock surged over 4 percent in the previous session following the report about interest in Halidram's.

On September 6, news agency Reuters said Tata Consumer Products was in talks to buy at least 51 percent in Haldiram's but added was not comfortable with the $10 billion valuation sought.

In an exchange filing, the Tata group company denied the report. "The company is not in negotiations as reported in the above-referred news article,” said Tata Consumer Products in the filing, referring to the report.

Haldiram's, too, denied the same on CNBC-TV18.

Also read Tata seeks control of Haldiram's, snack maker wants $10 billion valuation

In the April-to-June quarter, Tata Consumer revenue increased 12.44 percent year-on-year (YoY) to Rs 3,741 crore. Net profit for the quarter was up 22.02 percent YoY at Rs 338 crore. The operating profit margins expanded by 100 basis points on-year to 15 percent.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.