Just Dial dips after surging 100% from 52-week low

The stock plunged 14% to Rs 650 on the BSE in intra-day deal on back of heavy volumes.

Shares of Just Dial has plunged 14% to Rs 650 on the BSE in intra-day deal on back of heavy volumes after the stock appreciated more than doubled from its 52-week low.

Till 11:45 am, a combined 6.80 million shares already changed hands against an average sub five million shares that were traded daily in past two weeks on the BSE and NSE.

Read more from our special coverage on "JUST DIAL"

• Just Dials Rs 165-cr buyback to open today

The stock of local search engine which closed at Rs 760 on Friday has been more than doubled from its 52-week low of Rs 378 touched on February 12, during intra-day trade.  It hit a 52-week high of Rs 1,455 on March 19, 2015.

The company proposed to buy 1.06 million equity shares, said that it will spend up to Rs 164.5 crore in buying back shares from shareholders at a price of Rs 1,550 per equity share. The buyback has undertaken on a proportionate basis from the shareholders as of December 4, 2015.

"The buyback is being undertaken by the company to return surplus funds to its shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans", it said in a filing to BSE.

The company’s share repurchase programme which opened on February 25 will close on Thursday, March 10.

Till 10:30 am, Just Dial has received total bids of 3.31 million equity shares, which is 3.11 times the maximum number of shares proposed to be bought back, the BSE data shows. CLICK HERE FOR FULL DETAILS.