Bajaj Auto: Shekhar Bajaj resigns as non-executive director

Bajaj Auto on Tuesday stated that the company's Non-Executive Director Shekhar Bajaj has resigned from the position citing health reasons. His tenure will conclude at the end of business hours on June 30, 2022, the automaker said in a regulatory filing.

Meanwhile, shares of Bajaj Auto on Tuesday closed 5.60 per cent lower at Rs 3,684.40 apiece on BSE after it announced it would postpone a proposed share buyback. 

The company had previously said that it will consider a share buyback on June 14.

However, the company's stocks dropped after it stated that the buyback of shares would be postponed earlier today. “It was decided that further deliberations are required in order to take a decision on the proposal of buyback, and accordingly deferred the matter,” the company noted in its regulatory filing.

The market cap of the Indian auto-maker slipped to a low of Rs 1.07 lakh crore.  

Bajaj Auto reported a 15 per cent decline in two-wheeler sales year-over-year in May 2022, with 1,53,397 lakh units shipped compared to 1,80,212 units in May 2021. In May of this year, total sales, which included both domestic and foreign sales, were 2,49,499 units, compared to 2,40,554 units in the same month last year.

Also read: Bajaj Auto stock slips over 7% after board defers share buyback

Also read: Bajaj Auto defers share buyback proposal, says more deliberations required