Pharmaceutical firm FDC Ltd today said it would buy back shares worth Rs 35.86 crore, following which the shares of the company dipped 6.59 per cent on the Bombay Stock Exchange.
The board has approved the buy back of equity shares from the open market at a price not exceeding Rs 40 each, up to an amount of Rs 35.86 crore, FDC Ltd said in a filing to the Bombay Stock Exchange.
Shares of the firm today opened at Rs 34.80 in the early morning trade and plunged to touch the day's low of Rs 34.70, a 6.59 per cent fall over yesterday's close of Rs 37.15. Over 9.48 lakh shares changed hands on the BSE.
The buy back amount represents 10 per cent of the paid up share capital and free reserves of the company, it added.
Shares of FDC Ltd were trading at Rs 34.80, down 6.33 per cent in the afternoon trade on the BSE.
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