PC Jeweller today said it did not immediately disclose to stock exchanges the non-receipt of NOC from bankers for its proposed Rs 424 crore buyback as it needed to discuss the issue first with its board.
The company's stock price crashed sharply after it withdrew the buyback offer. It is down at Rs 83.85 on BSE, from a high of over Rs 600 apiece in January. Its one month high/low was Rs 145.35/Rs 65.35.
"The company had received from bank written intimation of its objection to the proposed buyback on July 7, 2018. However, the company was still hopeful of getting NOC and was engaging with the bank for the same. Hence not considered it material at that time and accordingly had not made any disclosure," PC Jeweller said in a clarification to BSE