The stock is down 29% in January alone. Earlier this month, Devyani International and Sapphire Foods announced a merger that would create one of the country’s largest QSR platforms with over 3,000 restaurants and consolidated revenue exceeding Rs 7,800 crore. The share-swap transaction, set at 177 Devyani shares for every 100 Sapphire shares, consolidates all KFC and Pizza Hut operations in India under a single operator for the first time.
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