Ruchi Soya on a sticky wicket after Guar gum report

There were media reports that Ruchi Soya was also named by Forward Markets Commission among the entities that were involved in guar gum price manipulation. The FMC, which last week had submitted a fact finding report to the Ministry of Consumer Affairs, named close to 4,500 entities. The report is significant as many traders had earlier said the price of guar gum had risen abnormally because of a shortage. However, Ruchi Soya in a clarification to the BSE said that it has not so far received any report from the FCA or from the Ministry. “Ruchi Soya wishes to clarify that it has not been trading in the guar gum commodity on the exchange. However, Ruchi Soya is one of the leading players in the physical trading and export of agri-commodities in India,” the company statement said. A notification in this regard will have a serious impact on the share price of Ruchi Soya. Marketmen will keep a close tab on this development.