Gold Silver Reports (GSR) – PC Jeweller Prices Tanks After Scrapping BuyBack – The company withdrew its Rs 424-crore share buyback offer with immediate effect after the company failed to receive the requisite no-objection certificate from its bankers, according to its stock exchange notification.
Shares of the jewellery maker fell as much as 30 percent to trade at over a four-year low at Rs 83.95.
The Relative Strength Index was 22, indicating that the stock may be oversold. The scrip traded at 4.7 times estimated forward earnings per share compared to 18.8 times for the two-year historical average.
