Kaveri Seeds had hit a new 52-week high today in the morning trades at Rs.637.45. But after that, it has seen profit booking and is currently just about holding on to the green.
Yesterday, there was unconfirmed news that UPL, formerly known as United Phosphorous Ltd has initiated exploratory talks with Kaveri Seeds for a potential stake purchase.
But today, Kaveri Seeds refuted this rumour and said that there was no such stake sale planned with UPL. It is following this denial that the stock price came off the high.