Share buyback plan deferred by Bajaj Auto drops stock price by 5%

The board of directors of Bajaj Auto, which was to discuss its share buyback plan on Tuesday, has deferred it.

Despite a key board meeting to consider a proposed equity buyback, Bajaj Auto shares plunged sharply on Tuesday amid volatile trading.

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The company's management stated in a regulatory filing that more considers were needed.

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After this announcement, Bajaj Auto shares plunged by Rs 196.2, or 5.1 per cent, ending the day at Rs 3,684.4.

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As per their statement, the buyback is not being cancelled, but its details will be finalized during this period.

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According to analysts, the first buyback by the cash-rich company will be at a premium to the stock price currently on the market.

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Despite wild swings in the overall market, the news of a potential buyback has propelled the stock over the past few days.

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Shekhar Bajaj, non-executive director of Bajaj Auto, tendered his resignation on Tuesday due to his health.

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