Shares of Tata Consumer Products were tanking more than 2% on Thursday after the company denied news reports suggesting its interest in acquiring a stake in Indian food snack chain Haldiram’s.

What Happened: Tata Consumer Products issued an exchange filing after market hours on Wednesday, refuting the report. “The company is not in negotiations as reported in the above-referred news article,” The Tata Group company said in reference to the news report.

Meanwhile, Haldiram’s also denied the rumours of an acquisition, stating the same on CNBC-TV18.

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The Report: The previous session had witnessed a surge of over 4% in Tata Consumer Products’ share price after reports surfaced regarding its potential interest in Haldiram’s.

On Wednesday, Reuters reported that Tata Consumer Products was in discussions to purchase at least a 51% stake in Haldiram’s. However, it noted that Tata was uncomfortable with the $10 billion (₹83.12 lakh crore) valuation sought by Haldiram’s.

Price Action: Tata Consumer Products’ share price was down 2.3% at ₹858.70 in early trade on Thursday.

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