PC Jeweller share price plunged over 22 per cent on Monday after the controversy-ridden jewellery firm withdrew its buyback offer worth Rs 424 it announced in May. Reacting to the news, the stock tanked as much as 22.17 per cent to Rs 93.35 on the BSE. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

PC Jeweller share price has fallen 79 per cent so far this year as it dealt with management and block deal issues. To assuage investor concerns and build some confidence in the stock, the management of PC Jeweller had announced the buy-back of up to 1,21,14,286 fully paid-up equity shares of Rs 10 each.

"After the Board approved the Buyback, the Company had approached its Bankers for the requisite permission. The Bankers appreciated the fact that the Company is keeping its commitment of reducing its interest cost as well as bank exposure made at the time of declaration of annual results. However, they recommended that for the current year the Company should continue to focus on growth and give priority to further reduce its interest expense to the maximum extent possible," said PC Jeweller in a filing to BSE. 

WATCH ZEE BUSINESS VIDEO HERE

Titan Company will be a better bet, as it has performed marvelously well for years and is the preferred stock of stock market guru Rakesh Jhunjhunwala.