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Shares of the automobile and farm equipment manufacturer are down for the eight in the last ten trading session. Prices have corrected 42 percent in the last ten trading sessions.
The stock had made a 52-week high of Rs 695.5 on April 16, 2019. Since then, it has corrected over 60 percent to Rs 268, which is the lowest level since May 2010.
The stock is the worst performing stock on the Nifty 50 today.
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The Board of Directors of the company at a meeting today approved a share buyback worth Rs 145 crore. The company will buyback equity shares of Rs 2 each at a price of Rs 150 per share. The buyback price is at a premium of 136 percent to Monday's closing price of Rs 63.55.
The buyback size represents 9.95 percent of the total paid-up equity capital.
Shares surged as much as 19 percent to Rs 75.60 on the National Stock Exchange, post the announcement, snapping a two-day losing streak.
Shares of Glenmark Pharma Ltd. too are trading with gains of 4.1 percent at Rs 195.80.
Shares of the technology bellweather rose as much as 10.05 percent on the National Stock Exchange to Rs 579.35.
The company in a statement said that the SEC has completed its investigation and that it has co-operated with the investigations with them.
The statement added that the company does not anticipate further action from the SEC and that all inquires from Indian regulators have been responded to.
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First trade in the India bond market takes place at 9:33 am. #BQMarketsNow
— BloombergQuint (@BloombergQuint) March 24, 2020
Read: https://t.co/PkanPfO1zT pic.twitter.com/9smfNobBdn
Shares of Interglobe Aviation Ltd. too are locked in a 10 percent lower circuit. This is the 10th straight day of decline for India's largest Airline by market share. The stock trades at the lowest level since October 2018.
The stock is down 36 percent in the last 10 sessions and is now trading near its IPO price of Rs 755.
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