Nalco dips 3% as board meeting for share buy-back postponed

Shares of National Aluminium Company Ltd fell over 3 per cent today as the company's Board meeting to consider buyback of shares got postponed.
The stock went down by 3.32 per cent to settle at Rs 43.70 on BSE. During the day, it dipped 5.97 per cent to Rs 42.50.
At NSE, shares of the company slipped 2.1 per cent to end at Rs 44.20.
In terms of volume, 5.42 lakh shares of the firm changed hands at BSE and over 25 lakh shares were traded at NSE during the day.
National Aluminium Company Ltd in a filing to BSE yesterday said that, due to unavoidable reasons, the meeting of Board of Directors scheduled to be held on April 22, 2016, which was to consider buyback of shares has been postponed.

The new date of the Board meeting will be informed in due course, it said.
In January this year, the Mines Ministry had said that the Finance Ministry asked it to allow Nalco to buyback 25 per cent of governments stake in the Navratna company in a bid to tap PSUs funds to make up for shortfall in disinvestment proceeds.