Sun Pharma is having a volatile ride today along with the markets. From yesterday’s close of Rs.354.85, it opened lower at Rs.348 and went down to a 52-week low at Rs.336.55 and after the trading resumed, the stock was amongst the first to bounce back. It jumped to an intraday high at Rs.390 and it continues to trade strongly in the green, currently figuring among the top five gainers.
The company announced yesterday evening that its Board is scheduled to meet on 17th March to consider a buy-back of its equity shares.
Clearly, the buying is to take advantage of its lower stock price, bringing down the floating stock, which in turn will help push the stock price.