The stock of the country's leading jewelry company PC Jeweler (PC Jeweler) Ltd has witnessed a major drop in on Monday. Shares at BSE fell 24 percent to the 4-year low. This fall in shares came due to the cancellation of share buyback offer of Rs 424 crore by PC Jeweler. On the BSE, the share of PC Jeweler dropped 23.72 percent to Rs 91.50. At the same time, the share of the company's losses was more than Rs 1100 crores.
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424 crore share buyback offer canceled
PC Jeweler said in the information given to the stock exchange, the banks did not approve the share buyback offer of Rs 424 crore of the company. At the same time, due to non-receipt of NOC from the bank for share buyback offer, the cancellation of share buyback was canceled. It is noteworthy that on May 10, 2018, the board of directors had approved the proposal to buy 1,21,14,286 shares of Rs 10 per original price back at Rs 350 a quote.
Broken shares up to 24 percent
The decision to cancel the share buyback by the company came down heavily on the PC Jewelry stock on Monday. Shares at BSE were broken by 24 percent. With such a large drop, the stock slipped to the lowest level of 4 years. On Monday, the share price on BSE fell by 10% to Rs 108. Decrease during business and the stock slipped 23.72 percent to Rs 91.50, which is a 4-year low.
More than 1100 crores invested by investors
In the business of a few hours, due to the large decline in the PC Jewelry stock, its investors have lost more than 1100 crores. At the closing price of Friday, the market value of the company was Rs 4761.89 crores. At the lower end of the stock, the company's valuation fell to Rs 3632.46 crore from Rs 1129.43 crore. Thus, the investors suffered the loss of Rs. 1129.43 crore.
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