PC Jeweller stock plunges 30% on withdrawal of buyback plan

PC Jeweller shares plummeted 24.17% to ₹90.95 -- its 52-week low -- on the BSE. On the NSE, the stock plunged 29.98% to hit a one year low as well as the lower circuit limit at ₹83.95.

Shares of P C Jeweller tumbled 30% on Monday, after the company decided to withdraw the proposed buyback of shares worth ₹424 crore because it did not get approval from its bankers.

In May, PC Jeweller’s board had approved buy-back of shares worth ₹424 crore amid a sharp plunge in the stock price. (Bachchan Kumar/ Hindustan Times)

The stock plummeted 24.17% to ₹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 ₹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 ₹424 crore amid a sharp plunge in the stock price.