The P C Jeweller stock crashed nearly 26 per cent today after the company decided to withdraw the proposed buyback of shares worth Rs 424 crore because it did not get the approval from its bankers.
The stock nosedived 25.89 per cent to close at Rs 88.90 on BSE. Intra-day, it had slumped 28.22 per cent to Rs 86.10 -- its 52-week low.
On NSE, the shares of the company plunged 25.81 per cent to end at Rs 88.95.
Its market valuation got eroded by Rs 1,223.18 crore to Rs 3,506.82 crore.
On the equity volume front, 72 lakh shares of the company were traded on BSE and over 7.4 crore shares changed hands on NSE during the day.
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, P C Jeweller's board had approved buy-back of shares worth Rs 424 crore amid a sharp plunge in the stock price.
Disclaimer: No Business Standard Journalist was involved in creation of this content
