PC Jeweller hits over 2-year low on withdrawal of buyback offer; falls 22%

The stock tanked 22% to Rs 93.35, trading at its lowest level since December 19, 2014 on the BSE.

Shares of PC Jeweller hit an over two-year low of Rs 93.35 per share, falling 22% on the BSE in early morning trade after the company announced the withdrawal of proposed buyback offer due to the non-receipt of the NOC from the its bankers. The stock was trading at its lowest level since December 19, 2014.

Thus far in the calendar year 2018, the stock plunged 80% from Rs 457, as compared to 7% rise in the S&P BSE Sensex.

“In view of the non-receipt of the requisite NOC from the Company's Bankers, the board of directors at its meeting