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

Stock of Bajaj Auto fell over 7 per cent today after India's leading two-and-three-wheeler company said it has deferred the proposal of share buyback, which was proposed to be considered 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," Baja Auto informed in a regulatory filing.

Bajaj Auto shares plunged 7.13 per cent to Rs 3,603.75 against the previous close of Rs 3,880.60 on BSE. The large cap stock is trading higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

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A total of 0.49 lakh shares of the firm changed hands, amounting to a turnover of Rs 18.62 crore on the BSE.  

Market cap of Bajaj Auto slipped to Rs 1.07 lakh crore.  

Bajaj Auto stock hit a 52-week high of Rs 4,259.10 on June 23, 2021 and a 52-week low of Rs 3,028.35 on December 20, 2021. The stock has lost 12.23 per cent in a year and gained 12 per cent this year.

Last time, the company carried out a share buyback was in 2000. At that time, shareholders had approved a buyback of up to 1.8 crore equity shares at Rs 400 per share.

Bajaj Auto posted a 15 per cent fall in two-wheeler sales year-on-year as 1,53,397 lakh units were exported in May 2022 compared to 1,80,212 units in May 2021. Total sales comprising domestic sales and exports stood at 2, 49,499 units in May this year versus 2,40,554 units in the corresponding period year ago.