Lovable Lingerie surges 14% as company mulls share buyback

The stock surged 14% to Rs 256 on BSE after the company said its board will meet on Friday, October 6, 2017 to consider the proposal for buyback of equity shares

Lovable Lingerie surged 14% to Rs 256 on BSE in the early morning trade after the company said its board will meet on Friday, October 6, 2017 to consider the proposal for buyback of equity shares.

So far in 2017, the stock has underperformed the market by falling 4% as compared to 17% rise in the S&P BSE Sensex till Thursday.

In past nine months, the board of directors of more than two dozen companies has approved a share buyback proposal.

The primary objective of a share buyback programme is to arrest the fall in the value