So far in 2017, the stock under-performed the market by falling 24% as compared to 22% rise in the S&P BSE Sensex till Wednesday.
The company's shares were trading at Rs 718 per scrip on BSE, up 1.90%
The stock dipped 13% to Rs 720 after the board approved the buyback of shares at a price of Rs 760 through tender offer.
The stock surged 15% to Rs 818 on the BSE in early morning trade.