Reliance Industries’ stock tanks 23 pc from its July high
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
IT services major Wipro recently announced that its Board will consider a buyback plan on October 13.
This comes after the Board of Directors of its larger peer Tata Consultancy Services (TCS) Ltd announced a mega-Rs 16,000 crore buyback plan at Rs 3,000 per equity share.
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In April 2019, Wipro had undertaken buyback proposals of Rs 10,500 crore. The company bought 33.3 crore shares at a price of Rs 325 per share.
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“…the Board of Directors will be considering a proposal of buyback of equity shares of the Company at the aforesaid meeting scheduled to be held on October 13, 2020,” Wipro said in a regulatory filing on Wednesday.
However, no other details were provided.
“The outcome of the Board meeting will be communicated to the stock exchanges soon after the conclusion of the Board meeting on October 13, 2020,” it added.
Post the announcement, shares of the company soared over 6 per cent on the equity benchmarks on Thursday.
On the BSE, the stock gained 6.27 per cent to Rs 356.30, its 52-week high. Similarly on the NSE, it jumped 6.27 per cent to a one-year high of Rs 356.35.
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