P C Jeweller stock plunges 30% on withdrawal of Rs 424 crore buyback plan

New Delhi: The P C Jeweller stock crashed nearly 26 percent on Monday 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 percent to close at Rs 88.90 on BSE. Intra-day, it had slumped 28.22 percent to Rs 86.10 – its 52-week low. [caption id=“attachment_4357673” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] On NSE, the shares of the company plunged 25.81 percent 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.