Stock Market

Kwality hits 5% lower circuit limit as board defers share buyback

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NEW DELHI: Shares of Kwality hit a lower circuit limit of 5 per cent in Wednesday's trade after the lender deferred a share buyback proposal. The stock fell 5 per cent to hit a low of Rs 20.65 on BSE.

This was the third day of consecutive fall for the stock and ninth out of the last 10 trading sessions.

In a filing to BSE, the company said its board had on Tuesday considered proposed issues relating to buyback of securities, interim dividend and bonus issue of securities on merit basis. Intense deliberations on the issues were initiated with stakeholders both internal and external including investors and lenders, it said. "The matter was intensely debated in context of current situation and future vision and the Board finally concluded to defer the decision on the issues, for the time being," the company said. The development came after the company earlier deferred its board meet from June 20 to June 3 due to non-availability of majority directors, the board meeting.




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