Buyback proposal fails to lift PC Jeweller; stock tanks 23% from day's high

The stock dipped 18% to Rs 119 falling 23% from its intra-day high of Rs 154 on the BSE on back of heavy volumes.

Shares of PC Jeweller have dipped 18% to Rs 119 per share falling 23% from its intra-day high on the BSE, despite the company announcing a share buyback proposal. The stock was up 6% to Rs 154 in early morning trade.

PC Jeweller on Sunday, April 29, said that the board of directors of the company will meet on Friday, May 5, 2018 to consider the proposal for buy back of fully paid-up equity shares of the company.

The board will also consider the audited standalone and consolidated financial results of the company for the quarter/financial year ended