Shares of Bajaj Auto fell 5 percent on Tuesday
New Delhi:
Shares of Bajaj Auto fell 5 per cent on Tuesday as the company said its board has deferred a decision on its proposed share buyback.
Shares of the company closed at Rs 3,684.40, down 5.06 per cent on the BSE. During the day, it closed at Rs 3,603.75, down 7.13 per cent.
It closed at Rs 3,693.95, down 4.82 per cent on the NSE.
The company’s board of directors in its meeting held on Tuesday has decided that “further deliberations are required to decide on the buyback proposal, and accordingly adjourn the matter”, Bajaj Auto said in a regulatory filing.
The company had on June 9 informed stock exchanges that its board would consider the proposal for buyback of fully paid-up equity shares in its meeting to be held on Tuesday.
Share buyback is a process when a company buys its own outstanding shares to reduce the number of shares available in the open market.
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