Bajaj Auto defers share buyback proposal; stock dips 5%

Bajaj Auto said that the board has decided that further deliberations are required in order to take a decision on the proposal of buyback

Shares of Bajaj Auto on Tuesday tanked 5 per cent after the company deferred its proposed share buyback programme. 

“We wish to inform that the board of directors of the company at its meeting held on June 14, 2022, has decided that further deliberations are required in order to take a decision on the proposal of buyback, and accordingly deferred the matter,” the company said in a stock exchange notification. 

The board meeting lasted for three-and-a-half hours, the company said. Shares of the two-wheeler major ended at Rs 3,684, down 5.1 per cent over previous day’s close. 

On June 9, the company had announced its buyback proposal.