Unichem Labs falls 9% as stock trades ex-share buyback

The stock dipped 9% to Rs 344 on BSE in intra-day trade after the stock of pharmaceutical company turned ex-share buyback today.

Unichem Laboratories has dipped 9% to Rs 344 on BSE in intra-day trade after the stock of pharmaceutical company turned ex-share buyback today. The company has fixed February 16, 2018 as the record date for the purpose of buyback of equity shares.

The board of Unichem Laboratories on January 8 had approved buyback of 20.6 million equity shares at a price of Rs 430 per share through the tender offer route.

Unichem Laboratories said that the buyback will help the Company to return surplus cash to its members holding equity shares broadly in proportion to their shareholding, thereby,