Friction #3: The shocking lack of heroes in the Ruchi Soya saga

Much heat has been generated over the slippery events at edible oil maker Ruchi Soya Industries Ltd, which emerged from bankruptcy earlier this year only to set the bourses on fire with a sizzling run that saw its stock price scale unprecedented levels. With its new owner—Patanjali Ayurved Ltd, the consumer goods company launched by the yoga guru known as Baba Ramdev—holding 99% of the stock, leaving barely a few hundred thousand shares to be traded, perhaps the run on the stock could be ascribed to the hope that under Ramdev’s watch the company that had been run aground under …


Sundeep Khanna

Sundeep Khanna has, in a career spanning three decades, donned multiple hats across corporate and editorial roles, and is one of the foremost chroniclers of business in India. In his last assignment, he was executive editor of the financial daily Mint; for The Morning Context, he will write on corporate governance in India every fortnight in his newsletter, Friction.