Star Cement is currently the top loser on the BSE. From a close of Rs.116.30, the stock opened 2.5% lower at Rs.113.50 and went down further to Rs.109.40. Its 20% LC for the day is at Rs.93.05.
Its more of a ‘technical’ issue than anything fundamental. Tomorrow is the stock’s record date for the buyback of its equity shares and that means it has turned ex today and that explains why the stock tumbled.
The company is buying back 2% of the total equity capital at a price of Rs.150/share.
Ex-rate means the stock is now trading without the benefits of the corporate action.