Shares of Aptus Value Housing Finance India (Aptus) fell 7% to Rs 245.30 on the BSE in intraday trade on Thursday. Over the past two sessions, the stock fell 13% after the housing finance company denied it was in merger and acquisition (M&A) talks with Cholamandalam Investments and Finance Corporation (Chola). Murugappa Group’s Chola also denied any interest in acquiring Aptus.

Shares of Aptus rose 19% to Rs 281.90 on the BSE on Monday.

“We hereby confirm that the company is not involved in any such negotiations/events mentioned in the news reports,” Aptus clarified to exchanges on Wednesday.

The clarification follows news reports that Cholamandalam (Chola) is considering a deal with Aptus Value Housing that would give it management control of Aptus.

“We confirm that the stock exchange will be kept informed when there is any material development in the company’s affairs,” Aptus said. The company further stated that it also wishes to advise that no information/announcement may impact the price/volume action of the company’s securities.

Cholamandalam Investment also said on Thursday that it has not expressed or is currently interested in acquiring Aptus Value Housing Finance India.

Aptus is a retail-focused housing finance company primarily serving low- and moderate-income self-employed customers in rural and peri-urbanized markets in India. The company made its stock market debut in August 2021. It issued shares at Rs 353 each in its initial public offering (IPO).

Aptus has underperformed the market over the past three months, falling 20% compared with a 4% drop for the S&P BSE Sensex. Moreover, it has lost 30% over the past six months, while the benchmark index has gained 0.19%.