Bajaj Auto Shares Falls Over 3% As Stock Turns Ex-Date For Buyback
On Feb. 16, Bajaj Auto approved a buyback of 1.41% equity shares for an aggregate amount of Rs 4,000 crore
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Shares of Bajaj Auto Ltd. fell over 3% on Thursday after it turned ex-date for the buyback.
The company has fixed Feb. 29 as the record date for the Rs 4,000 crore share buyback.
On Feb. 16, Bajaj Auto approved a buyback of 1.41% equity shares for an aggregate amount of Rs 4,000 crore through a postal ballot. The company's board approved the buyback of 40 lakh shares for a price not exceeding Rs 10,000 per share through the tender offer route.
Bajaj Auto bought back shares worth Rs 2,500 crore in July 2022 through the open market.
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Bajaj Auto stock fell as much as 3.16% during the day to Rs 7,930 apiece on the NSE. It was trading 2.92% lower at Rs 7,949.25 apiece, compared to a 0.01% advance in the benchmark Nifty 50 as of 11:37 a.m.
It has risen 117.12% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 50.
21 out of the 45 analysts tracking Bajaj Auto have a 'buy' rating on the stock, as many as 12 recommend a 'hold' and another 12 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.8%.