Dishman Carbogen Amcis locks at lower circuit on buyback news

The board of directors of Dishman Carbogen Amcis on January 16, 2020, approved the buyback of fully paid-up equity shares by the company having a face value of Rs 2 each. On Friday, the stock dipped by nearly 9 per cent from its intraday high level.

The buyback will take place from open market through the stock exchange mechanism prescribed not for an amount exceeding Rs 72 crore, which excludes transaction costs, fees, brokerage, securities transaction tax, goods and services tax, income tax, stamp duty, etc at a price not exceeding Rs 150 per share.

The company was previously in limelight due to reports suggesting that the income tax (IT) department found unaccounted cash trail of more than Rs 160 crore during a search-and-survey operation held in December 2019.

Dishman Carbogen Amcis is engaged in drug development and also offers commercialisation services to pharmaceutical and biopharmaceutical companies at all stages of drug development.

Reacting to the news, on Friday, the company’s stock hit lower circuit suspending intraday trading at Rs 84.30, down by 4.96 per cent or Rs 4.40 per share. The intraday high was Rs 92.40 and intraday low was Rs 84.30. The 52-week high is Rs 258.15 and 52-week low is Rs 63.80 on BSE.