Bajaj Auto slips 2% as share buyback fails to cheer investors

Bajaj Auto slipped nearly 2 per cent to a low of Rs 3,787 in intra-day trade on Tuesday a day after the two-wheeler major announced its share buyback worth Rs 2,500.

The company intends to buy back 5.43 million shares, aggregating up to 1.88 per cent of its paid-up share capital via the open market at Rs 4,600 per share.

As of 09:24 AM, the stock traded 1.8 per cent lower at Rs 3,793 as against a 0.5 per cent decline on the S&P BSE Sensex. The stock was down 4.2 per cent from its high of Rs 3,790 touched in trades