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PC Jeweller stock jumps 11 pc as Co settles case with Sebi

Press Trust of India  |  New Delhi 

Shares of PC Jeweller Ltd jumped 11 per cent on Wednesday after the company settled a case with markets regulator Sebi regarding alleged non-disclosure of certain information about a buyback offer that was withdrawn later.

The company's scrip climbed 10.97 per cent to Rs 35.90 on the BSE.

At the NSE, it advanced 10.97 per cent to Rs 35.90.

The company paid Rs 19,12,500 towards full and final settlement of the alleged default, according to an order on Tuesday.

The matter pertains to the company's buyback offer that was approved by its board on May 10, 2018.

However, State Bank of India (SBI) objected to the offer through two separate letters issued in July.

Subsequently, the company's board of directors decided to withdraw the offer and the same was informed to stock exchanges on July 13.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 12:10 IST