Kwality hits 4-year low, defers buyback plan

Kwality Limited hits a lower circuit on Wednesday after the company deferred its share buyback proposal. The stock fell 5 per cent to hit a 52-week low of Rs. 20.65 on BSE.  

In a filing to BSE on Tuesday, the company said that its board had intense deliberations with stakeholders, both internal and external, including investors and lenders on issues relating to the proposed buyback of securities, bonus issue of securities and payment of interim dividend.  I n context of the current situation and future vision, the board deferred the decision on the issues for the time being, said the company.  

The promoter holding in the company has declined by 9.18 percentage points to 54.76 per cent in March 2018 quarter from 63.94 per cent in December 2017 quarter. 

The stock of Kwality Limited has plunged about 87 per cent from its 52-week high of Rs. 160, recorded on July 6 last year on the BSE. The stock has fallen in 9 out of the last 10 trading sessions.