Shares of P C Jeweller tumbled 30% on Monday, after the company decided to withdraw the proposed buyback of shares worth Rs 424 crore because it did not get approval from its bankers.
The stock plummeted 24.17% to Rs 90.95 — its 52-week low — on the BSE. On the NSE, it plunged 29.98% to hit a one year low as well as the lower circuit limit at Rs 83.95.
In a filing to BSE on Friday, the company said that “…in view of the non-receipt of the requisite NOC from the company’s bankers, the board of directors has decided to withdraw the buyback offer with immediate effect”.
In May, PC Jeweller’s board had approved buy-back of shares worth Rs 424 crore amid a sharp plunge in the stock price.
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