PC Jeweller is back in the news today and once again, the news is not good. It hit a new 52-week low at Rs.93.35.
The company’s board decided to withdraw its buyback offer with immediate effect.
The company stated that it has withdrawn the buyback because of non-receipt of the requisite NOC from the company's bankers.
At the Board meeting held on 10th May, the company had approved the buyback of 1cr fully paid-up equity shares at a price of Rs.350/share. This buyback was triggered off after Fidelity sold over 6% stake in the company in the open market.