Shares of Crompton Greaves Ltd vaulted by over 10 per cent, after falling to a new 52-week low, after the company announced that its board would consider a share buyback proposal.
In a statement to the stock exchanges, the company said that the board of directors will decide on the buyback proposal on June 28.
The company’s shares, which fell to a yearly low of Rs 71.70 on the BSE today, bounced back by Rs 7.45 to Rs 81.80, a gain of 10.02 per cent and the trading volume surged to 11.58 lakh shares against the two-week average volume of 2.30 lakh shares.
The stock has so far shed about 50 per cent of its value after touching a high of Rs 141.70 on October 8 last year.