Shares of Bajaj Auto Ltd. fell over 3% on Thursday after it turned ex-date for the buyback.
The company has fixed Feb. 29 as the record date for the Rs 4,000 crore share buyback.
On Feb. 16, Bajaj Auto approved a buyback of 1.41% equity shares for an aggregate amount of Rs 4,000 crore through a postal ballot. The company's board approved the buyback of 40 lakh shares for a price not exceeding Rs 10,000 per share through the tender offer route.
Bajaj Auto bought back shares worth Rs 2,500 crore in July 2022 through the open market.
Bajaj Auto stock fell as much as 3.16% during the day to Rs 7,930 apiece on the NSE. It was trading 2.92% lower at Rs 7,949.25 apiece, compared to a 0.01% advance in the benchmark Nifty 50 as of 11:37 a.m.
It has risen 117.12% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 50.
21 out of the 45 analysts tracking Bajaj Auto have a 'buy' rating on the stock, as many as 12 recommend a 'hold' and another 12 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.8%.
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