Vakrangee hit the 5% LC at Rs.41.20; after figuring out for the entire week on the gainers list, it is today the second top loser on the BSE.
The market is pretty miffed that it has tweaked conditions for its share buyback.
It was way back on 12th February that the company has announced its plans to buyback in June and what came forth was a disappointment.
In February, the company had announced a Rs.1372 crore cash usage for buying back shares worth Rs.1000 crore, dividend of Rs.250 crore and Rs.122 crore was to be reinvested in the business.
After waiting for 5 months, now that has changed. The company has now put a conditionality to this saying that the share buyback and dividend will happen only after 5000 new outlets become operational. This in short means the buyback is not happening now. And that is after a wait of so many months.